Gaotu Techedu Inc. (NYSE:GOTU) Position Reduced by Millennium Management LLC

Millennium Management LLC lessened its stake in Gaotu Techedu Inc. (NYSE:GOTU - Free Report) by 21.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 284,370 shares of the company's stock after selling 77,913 shares during the period. Millennium Management LLC owned 0.11% of Gaotu Techedu worth $623,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Catalyst Funds Management Pty Ltd bought a new position in Gaotu Techedu in the 4th quarter valued at about $38,000. Norges Bank bought a new position in Gaotu Techedu in the 4th quarter valued at about $3,583,000. Two Sigma Securities LLC bought a new position in Gaotu Techedu in the 4th quarter valued at about $86,000. Marshall Wace LLP bought a new position in Gaotu Techedu in the 4th quarter valued at about $781,000. Finally, Lighthouse Investment Partners LLC bought a new position in Gaotu Techedu in the 4th quarter valued at about $103,000. Institutional investors own 48.42% of the company's stock.

Gaotu Techedu Stock Performance

Shares of NYSE:GOTU traded down $0.04 during trading hours on Wednesday, hitting $4.00. 668,567 shares of the company's stock traded hands, compared to its average volume of 2,170,181. Gaotu Techedu Inc. has a 52 week low of $1.87 and a 52 week high of $5.80. The company's fifty day simple moving average is $3.34 and its two-hundred day simple moving average is $2.90. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -7.01 and a beta of 0.42.

Gaotu Techedu (NYSE:GOTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.12. Gaotu Techedu had a negative net margin of 26.36% and a negative return on equity of 37.79%. The company had revenue of $28.53 million during the quarter, compared to analyst estimates of $189.76 million.

Gaotu Techedu announced that its board has approved a share repurchase plan on Thursday, May 15th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Gaotu Techedu Company Profile

Gaotu Techedu Inc, a technology-driven education company, provides learning services, educational content, and digitalized learning products in the People's Republic of China. The company offers traditional online academic subject tutoring services that covers academic subjects, such as mathematics, English, Chinese, physics, chemistry, biology, history, geography, and political science for students; non-academic tutoring services; personal interest courses comprising chess learning, family relationships and education, humanities, and science courses; and professional courses primarily for college students and adults preparing for professional qualification exams, such as teacher's qualification, Chartered Financial Analyst designation, Certified Public Accountant designation, and other exams.