Legal & General Group Plc Invests $8.43 Million in Stride, Inc. $LRN

Key Points

• Legal & General Group Plc initiated a $8.43 million position in Stride during the second quarter, buying 97,786 shares and owning approximately 0.24% of the company. Institutional investors collectively hold 98.24% of Stride’s outstanding stock.
• Analyst sentiment remains cautious: two analysts rate Stride a Buy while five rate it a Hold, resulting in a consensus Hold rating and an average price target of $109.75.
• Stride exceeded quarterly expectations, reporting $2.12 in adjusted earnings per share versus the $1.64 consensus estimate and revenue of $636.06 million. However, revenue declined 2.7% year over year, and analysts expect full-year EPS of $8.62.

Legal & General Group Plc bought a new stake in shares of Stride, Inc. (NYSE:LRN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 97,786 shares of the company's stock, valued at approximately $8,433,000. Legal & General Group Plc owned 0.24% of Stride at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in Stride by 67.3% during the 1st quarter. AQR Capital Management LLC now owns 28,547 shares of the company's stock valued at $3,611,000 after buying an additional 11,481 shares in the last quarter. NewEdge Advisors LLC grew its stake in Stride by 80.9% in the 1st quarter. NewEdge Advisors LLC now owns 5,124 shares of the company's stock worth $648,000 after acquiring an additional 2,291 shares in the last quarter. Empowered Funds LLC increased its position in shares of Stride by 12.4% during the first quarter. Empowered Funds LLC now owns 18,202 shares of the company's stock worth $2,303,000 after acquiring an additional 2,008 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Stride by 31.8% during the first 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 acquiring an additional 32,470 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Stride by 62.7% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the company's stock worth $43,000 after acquiring an additional 131 shares during the period. 98.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LRN has been the subject of a number of research reports. William Blair lowered Stride from an "outperform" rating to a "market perform" rating in a report on Thursday, July 30th. Weiss Ratings restated a "hold (c)" rating on shares of Stride in a report on Wednesday, July 8th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Stride in a research report on Monday. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $109.75.

Stride Stock Performance

Shares of Stride stock opened at $87.24 on Wednesday. The company has a market capitalization of $3.63 billion, a PE ratio of 12.12, a P/E/G ratio of 0.50 and a beta of 0.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 5.81 and a current ratio of 5.94. The company has a 50-day simple moving average of $85.94 and a two-hundred day simple moving average of $88.34. Stride, Inc. has a one year low of $60.61 and a one year high of $166.93.

Stride (NYSE:LRN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.64 by $0.48. Stride had a net margin of 13.43% and a return on equity of 23.49%. The business had revenue of $636.06 million for the quarter, compared to analysts' expectations of $626.52 million. During the same period last year, the business earned $2.29 EPS. The company's revenue was down 2.7% compared to the same quarter last year. Research analysts expect that Stride, Inc. will post 8.62 EPS for the current fiscal year.

About Stride

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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