State of Alaska Department of Revenue Grows Stock Holdings in Stride, Inc. $LRN

Key Points

• The State of Alaska Department of Revenue increased its stake in Stride, Inc. by 7.9%, purchasing an additional 1,869 shares during the second quarter, bringing its total ownership to $3.7 million.
• CEO James Jeaho Rhyu sold 13,961 shares of Stride at approximately $162.66 per share, reducing his ownership by 1.94%, while still holding shares valued at nearly $115 million.
• Stride reported better-than-expected quarterly earnings of $2.29 EPS, surpassing analysts' estimates, and demonstrated a 22.4% year-over-year revenue increase to $653.65 million.

State of Alaska Department of Revenue lifted its position in shares of Stride, Inc. (NYSE:LRN - Free Report) by 7.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,568 shares of the company's stock after purchasing an additional 1,869 shares during the period. State of Alaska Department of Revenue owned about 0.06% of Stride worth $3,712,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LRN. GAMMA Investing LLC raised its stake in Stride by 14,892.4% during the 1st quarter. GAMMA Investing LLC now owns 370,013 shares of the company's stock worth $46,807,000 after acquiring an additional 367,545 shares in the last quarter. Rhumbline Advisers raised its stake in Stride by 1.3% during the 1st quarter. Rhumbline Advisers now owns 118,314 shares of the company's stock worth $14,967,000 after acquiring an additional 1,570 shares in the last quarter. Merit Financial Group LLC increased its stake in Stride by 3.1% in the first quarter. Merit Financial Group LLC now owns 32,666 shares of the company's stock valued at $4,132,000 after purchasing an additional 971 shares during the period. Portside Wealth Group LLC increased its stake in Stride by 17.1% in the first quarter. Portside Wealth Group LLC now owns 3,265 shares of the company's stock valued at $413,000 after purchasing an additional 477 shares during the period. Finally, MRA Advisory Group acquired a new position in Stride in the first quarter valued at $443,000. 98.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Stride news, CEO James Jeaho Rhyu sold 13,961 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $162.66, for a total value of $2,270,896.26. Following the sale, the chief executive officer 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 Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is owned by company insiders.

Stride Stock Down 0.7%

LRN stock opened at $148.88 on Wednesday. The company has a market cap of $6.50 billion, a P/E ratio of 24.73, a P/E/G ratio of 0.85 and a beta of 0.22. Stride, Inc. has a 52 week low of $63.25 and a 52 week high of $171.17. The company's 50-day moving average price is $150.34 and its 200 day moving average price is $143.82. The company has a current ratio of 5.39, a quick ratio of 5.27 and a debt-to-equity ratio of 0.31.

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

Wall Street Analysts Forecast Growth

LRN has been the topic of a number of recent research reports. Barrington Research restated an "outperform" rating and issued a $185.00 price objective on shares of Stride in a research note on Tuesday, September 23rd. Morgan Stanley lifted their price objective on shares of Stride from $148.00 to $159.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of Stride from a "hold" rating to a "buy" rating in a research note on Saturday, September 20th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $146.40.

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.

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