QuantaSing Group (NASDAQ:QSG) Shares Gap Up - Here's Why

Key Points

• QuantaSing Group's stock price opened at $10.00 after closing at $9.73, with the last trade recorded at $10.94 on a volume of 426,348 shares.
• Citigroup upgraded the stock from a "neutral" to a "buy" rating, raising the target price from $6.10 to $9.52, while the stock has a consensus rating of "Buy" with the same average price target.
• Significant institutional buying includes a 173.5% increase in holdings by Millennium Management and a 301.6% increase by Acadian Asset Management, indicating growing investor interest in QuantaSing Group.

QuantaSing Group Limited Unsponsored ADR (NASDAQ:QSG - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $9.73, but opened at $10.00. QuantaSing Group shares last traded at $10.94, with a volume of 426,348 shares trading hands.

Analyst Ratings Changes

QSG has been the subject of several analyst reports. Wall Street Zen downgraded QuantaSing Group from a "buy" rating to a "hold" rating in a report on Sunday, July 6th. Citigroup raised QuantaSing Group from a "neutral" rating to a "buy" rating and upped their target price for the company from $6.10 to $9.52 in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $9.52.

QuantaSing Group Trading Down 6.7%

The business's fifty day simple moving average is $8.68 and its two-hundred day simple moving average is $7.02. The stock has a market capitalization of $485.01 million, a P/E ratio of 8.46 and a beta of -0.99.

QuantaSing Group (NASDAQ:QSG - Get Free Report) last released its quarterly earnings data on Wednesday, September 17th. The company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.12. QuantaSing Group had a net margin of 14.27% and a return on equity of 68.92%. On average, equities research analysts anticipate that QuantaSing Group Limited Unsponsored ADR will post 0.71 earnings per share for the current year.

Hedge Funds Weigh In On QuantaSing Group

A number of hedge funds and other institutional investors have recently made changes to their positions in QSG. Oxbow Capital Management HK Ltd bought a new position in shares of QuantaSing Group during the 2nd quarter worth about $4,725,000. Acadian Asset Management LLC increased its position in shares of 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of QuantaSing Group during the 2nd quarter worth about $484,000. XTX Topco Ltd acquired a new stake in shares of QuantaSing Group during the 2nd quarter worth about $440,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of QuantaSing Group during the 2nd quarter worth about $373,000.

QuantaSing Group Company Profile

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.