Stride (NYSE:LRN) Shares Gap Up After Earnings Beat

Stride, Inc. (NYSE:LRN)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $120.64, but opened at $127.34. Stride shares last traded at $131.71, with a volume of 391,397 shares changing hands.

The company reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.11. Stride had a return on equity of 21.23% and a net margin of 11.38%.

Wall Street Analyst Weigh In

Several equities analysts have commented on LRN shares. Canaccord Genuity Group raised their target price on shares of Stride from $100.00 to $130.00 and gave the company a “buy” rating in a research note on Monday. Barrington Research upped their target price on Stride from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. StockNews.com downgraded shares of Stride from a “buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. BMO Capital Markets increased their target price on shares of Stride from $84.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Citigroup boosted their price target on Stride from $90.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Institutional Investors Weigh In On Stride

Institutional investors and hedge funds have recently bought and sold shares of the business. Sei Investments Co. increased its stake in Stride by 0.6% in the second quarter. Sei Investments Co. now owns 40,210 shares of the company’s stock valued at $2,834,000 after acquiring an additional 242 shares during the period. Marshall Wace LLP acquired a new stake in shares of Stride in the second quarter valued at $230,000. The Manufacturers Life Insurance Company raised its holdings in shares of Stride by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 23,851 shares of the company’s stock valued at $1,681,000 after buying an additional 822 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Stride during the 2nd quarter worth about $374,000. Finally, Sanctuary Advisors LLC bought a new stake in Stride during the 2nd quarter worth about $534,000. Institutional investors own 98.24% of the company’s stock.

Stride Stock Up 8.2 %

The firm’s 50-day simple moving average is $108.82 and its two-hundred day simple moving average is $91.29. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 0.88 and a beta of 0.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 5.50 and a current ratio of 5.60.

Stride Company Profile

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.