Bank of America Corp DE Takes $49.35 Million Position in Stride, Inc. $LRN

Key Points

• Bank of America purchased 572,235 shares of Stride, valued at approximately $49.35 million, giving it a 1.38% stake. Institutional investors collectively own 98.24% of the company.
• Analyst sentiment is mixed: three analysts rate Stride a Buy and four rate it a Hold, resulting in a consensus Hold rating and a $95.75 target price.
• Stride beat quarterly expectations with adjusted earnings of $2.12 per share versus $1.64 expected and revenue of $636.06 million, although revenue declined 2.7% year over year.

Bank of America Corp DE purchased a new stake in shares of Stride, Inc. (NYSE:LRN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 572,235 shares of the company's stock, valued at approximately $49,350,000. Bank of America Corp DE owned 1.38% of Stride at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Jupiter Topco LLC purchased a new stake in shares of Stride in the second quarter worth approximately $199,715,000. Janus Henderson Group PLC grew its position in Stride by 61.0% during the first quarter. Janus Henderson Group PLC now owns 2,277,279 shares of the company's stock valued at $200,799,000 after purchasing an additional 862,849 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Stride by 5.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,750,646 shares of the company's stock valued at $154,339,000 after purchasing an additional 90,851 shares in the last quarter. Norges Bank purchased a new position in Stride during the fourth quarter valued at approximately $72,871,000. Finally, Geode Capital Management LLC increased its stake in Stride by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,052,612 shares of the company's stock valued at $68,356,000 after buying an additional 8,919 shares during the period. 98.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. William Blair cut shares of Stride from an "outperform" rating to a "market perform" rating in a report on Thursday, July 30th. BMO Capital Markets reiterated an "outperform" rating and set a $38.00 price objective on shares of Stride in a report on Wednesday, September 9th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Stride in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Stride currently has a consensus rating of "Hold" and a consensus target price of $95.75.

Stride Stock Performance

LRN opened at $78.79 on Monday. The firm has a market capitalization of $3.27 billion, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 0.46 and a beta of 0.11. The stock's 50 day moving average price is $84.40 and its two-hundred day moving average price is $88.23. The company has a quick ratio of 5.81, a current ratio of 5.94 and a debt-to-equity ratio of 0.29. Stride, Inc. has a 12-month low of $60.61 and a 12-month high of $155.06.

Stride (NYSE:LRN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.12 EPS for the quarter, topping the consensus estimate of $1.64 by $0.48. The company had revenue of $636.06 million for the quarter, compared to the consensus estimate of $626.52 million. Stride had a return on equity of 23.49% and a net margin of 13.43%.The company's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.29 EPS. On average, equities analysts forecast that Stride, Inc. will post 8.62 earnings per share for the current year.

Stride Profile

Stride, Inc is an education technology company that provides online and blended learning programs for students from kindergarten through grade 12. The company partners with public school districts, charter schools and other education organizations to deliver digital curricula, instructional services and technology that support personalized learning.

Its offerings include full-time online public school programs, supplemental courses, career-focused learning and workforce-oriented education.

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