Gaotu Techedu (NYSE:GOTU) Trading Up 1.3% - Here's What Happened

Gaotu Techedu Inc. (NYSE:GOTU - Get Free Report) shares were up 1.3% during mid-day trading on Friday . The company traded as high as $3.92 and last traded at $3.81. Approximately 652,915 shares changed hands during trading, a decline of 69% from the average daily volume of 2,101,147 shares. The stock had previously closed at $3.76.

Gaotu Techedu Stock Up 1.3%

The firm has a market capitalization of $964.65 million, a P/E ratio of -7.78 and a beta of 0.36. The business has a 50-day moving average price of $3.77 and a 200-day moving average price of $3.13.

Gaotu Techedu (NYSE:GOTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.12. Gaotu Techedu had a negative return on equity of 42.83% and a negative net margin of 18.07%. The firm had revenue of $28.53 million for the quarter, compared to analysts' expectations of $189.76 million.

Gaotu Techedu announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 15th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Gaotu Techedu

A number of large investors have recently bought and sold shares of GOTU. Two Sigma Advisers LP acquired a new position in Gaotu Techedu in the fourth quarter worth $41,000. PFG Investments LLC acquired a new position in Gaotu Techedu in the first quarter worth $76,000. Two Sigma Securities LLC acquired a new position in Gaotu Techedu in the fourth quarter worth $86,000. Virtu Financial LLC acquired a new position in Gaotu Techedu in the first quarter worth $137,000. Finally, Lighthouse Investment Partners LLC acquired a new position in Gaotu Techedu in the fourth quarter worth $103,000. 48.42% of the stock is currently owned by institutional investors.

About Gaotu Techedu

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.

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