Quantasing Group Ltd (NASDAQ:HERE) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 57.3% to 234,184 shares as of September 15, representing about 0.4% of Quantasing Group’s outstanding stock and 11.7 days of average trading volume.
• Several institutional investors, including Oasis Management, SG Americas Securities, and Pinpoint Asset Management, recently established positions in the company.
• Shares declined 1.2% to $1.67, well below the 50-day and 200-day moving averages. Analysts maintain a cautious outlook, with one Hold and one Sell rating, an overall “Reduce” consensus, and a $2.50 average price target.

Quantasing Group Ltd (NASDAQ:HERE - Get Free Report) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 234,184 shares, a decline of 57.3% from the August 31st total of 548,832 shares. Approximately 0.4% of the company's stock are short sold. Based on an average daily volume of 20,020 shares, the days-to-cover ratio is currently 11.7 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HERE. Oasis Management Co Ltd. acquired a new stake in shares of Quantasing Group in the 4th quarter valued at about $479,000. SG Americas Securities LLC bought a new stake in Quantasing Group in the first quarter valued at approximately $308,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Quantasing Group in the fourth quarter worth about $88,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Quantasing Group from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings reissued a "sell (d+)" rating on shares of Quantasing Group in a research report on Friday, September 4th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $2.50.

Quantasing Group Stock Down 1.2%

Quantasing Group stock traded down $0.02 during mid-day trading on Monday, hitting $1.67. 5,901 shares of the company were exchanged, compared to its average volume of 106,873. The business has a fifty day moving average of $1.86 and a 200 day moving average of $2.45. The company has a market capitalization of $91.28 million, a PE ratio of 15.18 and a beta of -0.51. Quantasing Group has a 1-year low of $1.50 and a 1-year high of $9.84.

Quantasing Group declared that its board has initiated a share repurchase plan on Friday, June 5th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

About Quantasing Group

We believe that personal learning and development is a lifelong journey. Everyone, regardless of background, should be given an equal opportunity to pursue their interests, passions, and goals. Our mission is to improve people's quality of life and well-being by providing them lifelong personal learning and development opportunities. QuantaSing Group is the largest online learning service provider in China's adult learning market for personal interest courses and among the top five service providers in China's total adult learning market, in terms of revenue in 2021, according to the F&S report.

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