QuantaSing Group (NASDAQ:QSG) Stock Price Down 3.1% - Here's Why

Shares of QuantaSing Group Limited Unsponsored ADR (NASDAQ:QSG - Get Free Report) dropped 3.1% during trading on Tuesday . The stock traded as low as $8.69 and last traded at $8.78. 577,527 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 888,480 shares. The stock had previously closed at $9.06.

Wall Street Analysts Forecast Growth

QSG has been the subject of several research reports. Citigroup raised shares of QuantaSing Group from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $6.10 to $9.52 in a research note on Tuesday, June 10th. Wall Street Zen cut shares of QuantaSing Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th.

QuantaSing Group Trading Down 6.7%

The company's 50 day moving average price is $9.10 and its 200-day moving average price is $5.67. The company has a market capitalization of $408.67 million, a PE ratio of 7.19 and a beta of -0.96.

Institutional Trading of QuantaSing Group

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC purchased a new stake in QuantaSing Group during the 4th quarter worth $27,000. NewEdge Advisors LLC boosted its position in QuantaSing Group by 17.4% during the 1st quarter. NewEdge Advisors LLC now owns 29,636 shares of the company's stock worth $119,000 after purchasing an additional 4,394 shares during the period. Millennium Management LLC boosted its position in QuantaSing Group by 173.5% during the 4th quarter. Millennium Management LLC now owns 36,685 shares of the company's stock worth $79,000 after purchasing an additional 23,272 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in QuantaSing Group during the 2nd quarter worth $484,000. Finally, Acadian Asset Management LLC boosted its position in QuantaSing Group by 301.6% during the 1st quarter. Acadian Asset Management LLC now owns 93,158 shares of the company's stock worth $369,000 after purchasing an additional 69,963 shares during the period.

About QuantaSing Group

QuantaSing Group Limited provides online learning services in the People's Republic of China. The company offers online courses, including financial literacy, short-video production, personal well-being, electronic keyboard, and meditation courses. It also offers marketing and enterprise talent management services to enterprise customers.