Stride (NYSE:LRN) Shares Gap Up - Here's Why

Key Points

• Stride shares jumped at the open, rising from a prior close of $80.45 to $87.46 before trading at $83.55, with 168,998 shares changing hands.
• Analysts are broadly cautious: Stride has an average rating of “Hold” from seven analysts, with an average price target of $109.75. William Blair recently downgraded the stock to “market perform,” while Barrington Research maintained an “outperform” rating and a $125 target.
• Institutional ownership remains high at 98.24%, and several investment firms increased their positions during the second quarter. Stride operates online K-12 education and career-readiness programs across the U.S.

Stride, Inc. (NYSE:LRN - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $80.45, but opened at $87.46. Stride shares last traded at $83.55, with a volume of 168,998 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LRN shares. William Blair cut Stride from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 30th. Barrington Research restated an "outperform" rating and set a $125.00 price target on shares of Stride in a research note on Thursday, April 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Stride in a research report on Wednesday, July 8th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Stride in a report on Monday, June 15th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $109.75.

Stride Price Performance

The stock has a market cap of $3.55 billion, a PE ratio of 12.88, a PEG ratio of 0.45 and a beta of 0.11. The company has a 50-day simple moving average of $89.43 and a 200-day simple moving average of $87.74. The company has a debt-to-equity ratio of 0.29, a current ratio of 6.21 and a quick ratio of 6.14.

Institutional Trading of Stride

A number of institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC increased its holdings in Stride by 37.7% in the second quarter. Farther Finance Advisors LLC now owns 2,212 shares of the company's stock valued at $191,000 after buying an additional 606 shares in the last quarter. BDFS Capital LLC grew its holdings in shares of Stride by 1.4% in the 2nd quarter. BDFS Capital LLC now owns 12,436 shares of the company's stock worth $1,072,000 after acquiring an additional 176 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Stride by 2.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 16,947 shares of the company's stock valued at $1,462,000 after purchasing an additional 456 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Stride by 5.5% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,479 shares of the company's stock worth $559,000 after purchasing an additional 338 shares in the last quarter. Finally, Kirr Marbach & Co. LLC IN grew its holdings in Stride by 0.3% in the second quarter. Kirr Marbach & Co. LLC IN now owns 102,840 shares of the company's stock valued at $8,869,000 after purchasing an additional 356 shares during the last quarter. Hedge funds and other institutional investors own 98.24% of the company's stock.

Stride Company Profile

Stride, Inc NYSE: LRN is a technology-driven education company that designs and delivers online learning solutions for students and adult learners. Through long-term partnerships with state-authorized public school districts, Stride operates virtual academies that serve K-12 students across the United States. The company's blended-learning model combines digital curriculum, live teaching support and data analytics to personalize instruction and monitor student progress.

In addition to its K-12 offerings, Stride provides a portfolio of career and workforce readiness programs under its Stride Career Prep division.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source