PDT Partners LLC Takes Position in Stride, Inc. $LRN

Key Points

• PDT Partners acquired 20,382 shares of Stride worth approximately $1.76 million in the second quarter, joining several other institutions that initiated positions. Institutional investors and hedge funds own 98.24% of the company.
• Stride exceeded quarterly expectations with adjusted earnings of $2.12 per share versus the $1.64 consensus estimate, while revenue reached $636.06 million. However, revenue declined 2.7% year over year.
• Analysts remain cautious, with two Buy ratings and five Holds producing a consensus Hold rating and a $109.75 target price, compared with the stock’s reported price of $84.81.

PDT Partners LLC purchased a new position in shares of Stride, Inc. (NYSE:LRN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,382 shares of the company's stock, valued at approximately $1,758,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Palisade Capital Management LP purchased a new stake in shares of Stride in the 2nd quarter valued at $3,611,000. Lakewood Capital Management LP purchased a new position in Stride during the 2nd quarter valued at about $7,762,000. Legal & General Group Plc purchased a new position in Stride during the 2nd quarter valued at about $8,433,000. The Manufacturers Life Insurance Company purchased a new stake in Stride during the 2nd quarter worth approximately $1,801,000. Finally, Van Hulzen Asset Management LLC purchased a new position in Stride in the 2nd quarter valued at approximately $826,000. 98.24% of the stock is owned by institutional investors and hedge funds.

Stride Price Performance

Shares of NYSE:LRN opened at $84.81 on Thursday. Stride, Inc. has a 12 month low of $60.61 and a 12 month high of $171.17. The firm has a market capitalization of $3.52 billion, a P/E ratio of 11.78, 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 current ratio of 5.94 and a quick ratio of 5.81. The company's fifty day moving average price is $85.67 and its 200 day moving average price is $88.36.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Stride in a research note on Wednesday, July 8th. William Blair downgraded Stride from an "outperform" rating to a "market perform" rating in a report on Thursday, July 30th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Stride in a research report on Monday, June 15th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus 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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.