Verition Fund Management LLC Reduces Stock Holdings in Stride, Inc. (NYSE:LRN)

Verition Fund Management LLC cut its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 50.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,094 shares of the company's stock after selling 9,428 shares during the quarter. Verition Fund Management LLC's holdings in Stride were worth $776,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in LRN. Blue Trust Inc. increased its holdings in Stride by 795.5% in the second quarter. Blue Trust Inc. now owns 11,543 shares of the company's stock valued at $814,000 after buying an additional 10,254 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Stride in the 2nd quarter valued at about $43,387,000. Kirr Marbach & Co. LLC IN raised its position in shares of Stride by 0.3% during the 2nd quarter. Kirr Marbach & Co. LLC IN now owns 107,595 shares of the company's stock worth $7,585,000 after acquiring an additional 348 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in Stride during the second quarter worth approximately $9,398,000. Finally, SummerHaven Investment Management LLC boosted its holdings in Stride by 1.1% in the second quarter. SummerHaven Investment Management LLC now owns 20,454 shares of the company's stock valued at $1,442,000 after purchasing an additional 217 shares in the last quarter. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Stride

In related news, Director Todd Goldthwaite sold 8,028 shares of the firm's stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $91.54, for a total value of $734,883.12. Following the completion of the sale, the director now owns 85,058 shares in the company, valued at $7,786,209.32. This trade represents a 8.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.00% of the stock is owned by corporate insiders.

Stride Stock Performance

Shares of Stride stock traded down $1.60 during trading hours on Tuesday, hitting $106.29. 1,070,480 shares of the company were exchanged, compared to its average volume of 829,656. The company has a current ratio of 5.60, a quick ratio of 5.50 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average of $92.56 and a 200-day moving average of $81.23. Stride, Inc. has a 1 year low of $54.81 and a 1 year high of $112.80. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 19.33, a P/E/G ratio of 0.83 and a beta of 0.30.

Stride (NYSE:LRN - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.72. The company had revenue of $551.08 million during the quarter, compared to the consensus estimate of $504.29 million. Stride had a net margin of 11.38% and a return on equity of 21.23%. Stride's quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, analysts expect that Stride, Inc. will post 6.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barrington Research boosted their price target on shares of Stride from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Canaccord Genuity Group upped their target price on Stride from $94.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. StockNews.com lowered Stride from a "buy" rating to a "hold" rating in a research report on Wednesday, October 23rd. BMO Capital Markets increased their price objective on Stride from $84.00 to $88.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Finally, Citigroup raised their target price on shares of Stride from $90.00 to $94.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Stride currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.17.

About Stride

Stride, Inc, a technology-based education service company, engages in the provision of proprietary and third-party online curriculum, software systems, and educational services in the United States and internationally. Its technology-based products and services enable clients to attract, enroll, educate, track progress, support, and facilitate individualized learning for students.