Harbor Capital Advisors Inc. Purchases 8,731 Shares of Stride, Inc. $LRN

Key Points

• Harbor Capital Advisors Inc. increased its stake in Stride, Inc. by 9,288.3% in the second quarter, owning a total of $1.28 million worth of shares after purchasing an additional 8,731 shares.
• Stride's quarterly earnings exceeded analysts' expectations, reporting $2.29 EPS compared to the consensus of $1.83 and a revenue of $653.65 million, a 22.4% increase year-over-year.
• Analysts have set mixed ratings for Stride with Morgan Stanley raising its price target to $159 while Barrington Research increased their target to $185, indicating a consensus rating of "Moderate Buy."

Harbor Capital Advisors Inc. lifted its position in shares of Stride, Inc. (NYSE:LRN - Free Report) by 9,288.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,825 shares of the company's stock after buying an additional 8,731 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Stride were worth $1,281,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of LRN. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Stride by 657.1% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 174,900 shares of the company's stock valued at $25,394,000 after acquiring an additional 151,800 shares during the last quarter. MRA Advisory Group lifted its stake in shares of Stride by 29.9% in the 2nd quarter. MRA Advisory Group now owns 4,553 shares of the company's stock valued at $661,000 after purchasing an additional 1,048 shares during the period. TrueWealth Advisors LLC bought a new stake in shares of Stride during the 2nd quarter valued at about $510,000. Swedbank AB grew its stake in Stride by 5.4% during the first quarter. Swedbank AB now owns 1,009,726 shares of the company's stock worth $127,730,000 after purchasing an additional 52,000 shares during the period. Finally, Cim LLC grew its stake in Stride by 173.0% during the first quarter. Cim LLC now owns 18,536 shares of the company's stock worth $2,345,000 after purchasing an additional 11,747 shares during the period. Institutional investors and hedge funds own 98.24% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on LRN shares. Morgan Stanley raised their price objective on shares of Stride from $148.00 to $159.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Barrington Research increased their target price 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. Finally, Wall Street Zen raised shares of Stride from a "hold" rating to a "buy" rating in a research note on Saturday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Stride currently has an average rating of "Moderate Buy" and an average target price of $146.40.

Insider Buying and Selling

In other news, CEO James Jeaho Rhyu sold 13,961 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $162.66, for a total value of $2,270,896.26. Following the completion of the sale, the chief executive officer directly owned 706,353 shares of the company's stock, valued at $114,895,378.98. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.00% of the company's stock.

Stride Stock Up 1.6%

LRN traded up $2.21 during trading on Monday, hitting $143.92. 663,800 shares of the company's stock were exchanged, compared to its average volume of 779,649. Stride, Inc. has a fifty-two week low of $63.25 and a fifty-two week high of $171.17. The stock has a market cap of $6.28 billion, a P/E ratio of 23.91, a PEG ratio of 0.83 and a beta of 0.22. The business's 50 day moving average is $148.64 and its two-hundred day moving average is $142.85. The company has a quick ratio of 5.27, a current ratio of 5.39 and a debt-to-equity ratio of 0.31.

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