Empowered Funds LLC Purchases New Shares in Stride, Inc. $LRN

Key Points

• Empowered Funds LLC bought 27,657 shares of Stride worth approximately $2.4 million, while institutional ownership reached 98.24% of the company.
• Stride beat quarterly expectations with adjusted EPS of $2.12 versus the $1.64 consensus and revenue of $636.1 million, although revenue declined 2.7% year over year.
• Shares opened at $85.22, down 2.4%, and analysts maintain a consensus “Hold” rating with an average price target of $109.75.

Empowered Funds LLC purchased a new position in Stride, Inc. (NYSE:LRN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 27,657 shares of the company's stock, valued at approximately $2,385,000. Empowered Funds LLC owned about 0.07% of Stride as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of Stride by 67.3% in the first quarter. AQR Capital Management LLC now owns 28,547 shares of the company's stock valued at $3,611,000 after acquiring an additional 11,481 shares during the period. NewEdge Advisors LLC grew its holdings in Stride by 80.9% during the 1st quarter. NewEdge Advisors LLC now owns 5,124 shares of the company's stock valued at $648,000 after purchasing an additional 2,291 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Stride by 31.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 134,455 shares of the company's stock worth $17,009,000 after purchasing an additional 32,470 shares during the period. Geneos Wealth Management Inc. lifted its stake in Stride by 62.7% in the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock worth $43,000 after purchasing an additional 131 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Stride by 78.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the company's stock valued at $28,000 after buying an additional 85 shares during the period. 98.24% of the stock is owned by hedge funds and other institutional investors.

Stride Stock Down 2.4%

Shares of NYSE LRN opened at $85.22 on Thursday. Stride, Inc. has a 52-week low of $60.61 and a 52-week high of $166.93. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 0.51 and a beta of 0.11. The stock has a 50 day moving average price of $85.96 and a 200 day moving average price of $88.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 5.81 and a current ratio of 5.94.

Stride (NYSE:LRN - Get Free Report) last released its quarterly earnings data 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%.Stride's quarterly revenue was down 2.7% on a year-over-year basis. During the same period last year, the business posted $2.29 EPS. Sell-side analysts expect that Stride, Inc. will post 8.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LRN shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Stride in a report on Wednesday, July 8th. BMO Capital Markets reiterated a "market perform" rating on shares of Stride in a research report on Monday. Finally, William Blair lowered shares of Stride from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $109.75.

Stride Company Profile

Stride, Inc NYSE: LRN is a technology-driven education company that designs and delivers online learning solutions for students and adult learners. Through long-term partnerships with state-authorized public school districts, Stride operates virtual academies that serve K-12 students across the United States. The company's blended-learning model combines digital curriculum, live teaching support and data analytics to personalize instruction and monitor student progress.

In addition to its K-12 offerings, Stride provides a portfolio of career and workforce readiness programs under its Stride Career Prep division.

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