Magnetar Financial LLC Buys New Shares in Stride, Inc. $LRN

Key Points

• Magnetar Financial LLC acquired a **new position** in Stride, Inc. by purchasing **2,101 shares** valued at approximately **$266,000** during the first quarter of the year.
• Stride, Inc. reported **earnings of $2.29 per share**, surpassing expectations of $1.83, along with revenue growth of **22.4%** year-over-year to **$653.65 million**.
• At present, **98.24%** of Stride's stock is owned by institutional investors, revealing strong institutional interest in the company.

Magnetar Financial LLC acquired a new stake in Stride, Inc. (NYSE:LRN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,101 shares of the company's stock, valued at approximately $266,000.

Other institutional investors also recently bought and sold shares of the company. DAVENPORT & Co LLC acquired a new stake in shares of Stride in the 1st quarter worth $461,000. Canandaigua National Bank & Trust Co. acquired a new stake in shares of Stride in the 1st quarter worth $273,000. FORA Capital LLC acquired a new stake in shares of Stride in the 1st quarter worth $572,000. GAMMA Investing LLC lifted its stake in shares of Stride by 14,892.4% in the 1st quarter. GAMMA Investing LLC now owns 370,013 shares of the company's stock worth $46,807,000 after acquiring an additional 367,545 shares during the period. Finally, CW Advisors LLC grew its stake in shares of Stride by 89.5% during the 1st quarter. CW Advisors LLC now owns 161,458 shares of the company's stock worth $20,424,000 after purchasing an additional 76,260 shares during the period. 98.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LRN has been the topic of a number of recent analyst reports. Barrington Research upped their price target on shares of Stride from $170.00 to $185.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen downgraded shares of Stride from a "buy" rating to a "hold" rating in a research report on Friday, August 22nd. Finally, Morgan Stanley lifted their price target on shares of Stride from $148.00 to $159.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $146.40.

Insider Activity at Stride

In related news, CEO James Jeaho Rhyu sold 13,961 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $162.66, for a total transaction of $2,270,896.26. Following the sale, the chief executive officer owned 706,353 shares of the company's stock, valued at $114,895,378.98. This trade represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is currently owned by insiders.

Stride Price Performance

Shares of LRN traded up $1.44 during trading hours on Monday, reaching $162.17. 49,028 shares of the company traded hands, compared to its average volume of 761,048. The company has a quick ratio of 5.27, a current ratio of 5.39 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $7.08 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.22. Stride, Inc. has a fifty-two week low of $63.25 and a fifty-two week high of $171.17. The stock has a fifty day simple moving average of $145.88 and a 200 day simple moving average of $141.68.

Stride (NYSE:LRN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.29 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.46. The business had revenue of $653.65 million for the quarter, compared to analyst estimates of $626.23 million. Stride had a return on equity of 25.51% and a net margin of 11.97%.The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 earnings per share. As a group, research analysts predict that Stride, Inc. will post 6.67 EPS for the current fiscal year.

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.