Breach Inlet Capital Management LLC Reduces Stock Position in Stride, Inc. $LRN

Key Points

• Breach Inlet Capital Management LLC reduced its stake in Stride, Inc. by 17.0%, now holding 72,155 shares valued at approximately $9.13 million, which makes up 5.2% of its total holdings.
• Analysts have set a consensus price target of $146.40 for Stride's stock, with ratings ranging from "buy" to "hold" from various firms.
• Stride reported a 22.4% increase in revenue from the previous year, with earnings of $2.29 per share exceeding analysts' expectations of $1.83.

Breach Inlet Capital Management LLC decreased its holdings in shares of Stride, Inc. (NYSE:LRN - Free Report) by 17.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,155 shares of the company's stock after selling 14,779 shares during the quarter. Stride makes up 5.2% of Breach Inlet Capital Management LLC's holdings, making the stock its 9th biggest position. Breach Inlet Capital Management LLC owned about 0.17% of Stride worth $9,128,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LRN. Stifel Financial Corp lifted its stake in shares of Stride by 15.2% during the 4th quarter. Stifel Financial Corp now owns 14,824 shares of the company's stock worth $1,541,000 after buying an additional 1,954 shares during the last quarter. Northern Trust Corp grew its stake in Stride by 9.8% in the 4th quarter. Northern Trust Corp now owns 461,954 shares of the company's stock valued at $48,011,000 after buying an additional 41,205 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Stride in the 4th quarter valued at about $29,514,000. Balyasny Asset Management L.P. lifted its position in Stride by 368.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 84,237 shares of the company's stock worth $8,755,000 after acquiring an additional 66,260 shares during the last quarter. Finally, Brevan Howard Capital Management LP lifted its position in Stride by 175.7% during the fourth quarter. Brevan Howard Capital Management LP now owns 16,906 shares of the company's stock worth $1,757,000 after acquiring an additional 10,773 shares during the last quarter. 98.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Barrington Research upped their target price on Stride from $170.00 to $185.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Wall Street Zen downgraded Stride from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Morgan Stanley increased their price objective on Stride from $148.00 to $159.00 and gave the stock 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 given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $146.40.

Stride Stock Performance

NYSE:LRN opened at $161.91 on Wednesday. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.95 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 company has a debt-to-equity ratio of 0.31, a quick ratio of 5.27 and a current ratio of 5.39. The stock has a fifty day moving average price of $144.83 and a 200-day moving average price of $141.25.

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

Insider Buying and Selling

In other news, CEO James Jeaho Rhyu sold 13,961 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $162.66, for a total value of $2,270,896.26. Following the completion of the transaction, the chief executive officer directly owned 706,353 shares in the company, valued at approximately $114,895,378.98. The trade was a 1.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding LRN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Stride, Inc. (NYSE:LRN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.