Stride (NYSE:LRN) Trading Down 4.9% – What’s Next?

Shares of Stride, Inc. (NYSE:LRN) were down 4.9% during mid-day trading on Monday . The stock traded as low as $140.40 and last traded at $138.28. Approximately 74,123 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 854,936 shares. The stock had previously closed at $145.46.

Wall Street Analysts Forecast Growth

LRN has been the topic of several research analyst reports. Canaccord Genuity Group increased their target price on shares of Stride from $145.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Stride in a research note on Thursday, May 1st. Wall Street Zen lowered Stride from a “buy” rating to a “hold” rating in a report on Friday, May 30th. William Blair reissued an “outperform” rating on shares of Stride in a research note on Wednesday, April 30th. Finally, Barrington Research upped their target price on Stride from $150.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Stride currently has an average rating of “Moderate Buy” and an average price target of $126.83.

Stride Trading Down 2.4%

The company has a quick ratio of 5.93, a current ratio of 6.02 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average price of $144.64 and a 200 day moving average price of $128.70. The stock has a market capitalization of $6.18 billion, a PE ratio of 23.74, a P/E/G ratio of 1.04 and a beta of 0.35.

Stride (NYSE:LRN) last released its quarterly earnings results on Tuesday, April 29th. The company reported $2.02 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.07). The company had revenue of $613.38 million during the quarter, compared to analysts’ expectations of $591.15 million. Stride had a net margin of 12.30% and a return on equity of 22.42%. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.60 earnings per share. Equities analysts expect that Stride, Inc. will post 6.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LRN. Asset Management One Co. Ltd. purchased a new position in shares of Stride in the 4th quarter worth approximately $5,696,000. Congress Asset Management Co. boosted its position in Stride by 8.2% in the fourth quarter. Congress Asset Management Co. now owns 578,540 shares of the company’s stock worth $60,128,000 after purchasing an additional 43,829 shares during the last quarter. Aigen Investment Management LP purchased a new position in Stride in the fourth quarter worth $995,000. Truist Financial Corp bought a new position in Stride in the 4th quarter valued at $302,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Stride by 61.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 190,431 shares of the company’s stock valued at $20,250,000 after purchasing an additional 72,518 shares during the last quarter. 98.24% of the stock is currently owned by hedge funds and other institutional investors.

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.