Short Interest in Quantasing Group Ltd (NASDAQ:HERE) Decreases By 57.4%

Key Points

• Short interest in Quantasing Group fell sharply in June, dropping 57.4% to 366,881 shares as of June 30. That equals about 0.7% of the float and a 2.4-day days-to-cover ratio.
• The stock traded at $1.85 on Tuesday, with a market cap of about $101.1 million. It remains well below its 50-day moving average of $2.30 and far under its 52-week high of $13.63.
• Analyst sentiment is cautious, with Citigroup maintaining a neutral rating while Wall Street Zen and Weiss Ratings both downgraded the shares to sell. The consensus rating is Reduce, with an average price target of $2.50.

Quantasing Group Ltd (NASDAQ:HERE - Get Free Report) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 366,881 shares, a drop of 57.4% from the June 15th total of 860,299 shares. Approximately 0.7% of the company's stock are short sold. Based on an average daily volume of 153,952 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Investors Weigh In On Quantasing Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC bought a new position in shares of Quantasing Group in the fourth quarter worth $72,000. Squarepoint Ops LLC purchased a new position in Quantasing Group during the fourth quarter worth about $77,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Quantasing Group during the fourth quarter worth about $88,000. Invesco Ltd. bought a new position in Quantasing Group in the 4th quarter worth about $98,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Quantasing Group in the 4th quarter valued at about $117,000.

Quantasing Group Stock Performance

Shares of NASDAQ:HERE traded up $0.06 during midday trading on Tuesday, reaching $1.85. The company had a trading volume of 98,130 shares, compared to its average volume of 136,204. The stock has a market capitalization of $101.12 million, a PE ratio of 2.15 and a beta of -0.52. The stock has a 50 day simple moving average of $2.30. Quantasing Group has a 52-week low of $1.50 and a 52-week high of $13.63.

Quantasing Group announced that its Board of Directors has approved a share buyback plan on Friday, June 5th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HERE. Citigroup restated a "neutral" rating and set a $2.50 price objective on shares of Quantasing Group in a report on Wednesday, May 27th. Wall Street Zen cut shares of Quantasing Group from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Finally, Weiss Ratings downgraded shares of Quantasing Group from a "hold (c)" rating to a "sell (d+)" rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $2.50.

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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