Stride (NYSE:LRN) Releases Earnings Results, Beats Expectations By $0.12 EPS

Stride (NYSE:LRN – Get Rating) issued its quarterly earnings results on Tuesday. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.12, Briefing.com reports. Stride had a return on equity of 11.60% and a net margin of 5.28%. The business had revenue of $458.44 million for the quarter, compared to analyst estimates of $443.23 million. During the same quarter in the previous year, the firm earned $1.00 earnings per share. The company’s revenue was up 11.9% on a year-over-year basis. Stride updated its FY 2023 guidance to EPS and its Q3 2023 guidance to EPS.

Stride Stock Performance

Shares of Stride stock traded up $7.07 on Wednesday, reaching $39.07. 862,359 shares of the stock were exchanged, compared to its average volume of 506,885. The company has a quick ratio of 3.12, a current ratio of 3.22 and a debt-to-equity ratio of 0.57. Stride has a twelve month low of $30.66 and a twelve month high of $47.35. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 0.76 and a beta of 0.30. The business has a 50 day moving average price of $33.18 and a two-hundred day moving average price of $37.63.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. FMR LLC increased its position in shares of Stride by 0.4% during the second quarter. FMR LLC now owns 84,342 shares of the company’s stock worth $3,441,000 after purchasing an additional 346 shares in the last quarter. Legal & General Group Plc increased its position in shares of Stride by 3.0% during the second quarter. Legal & General Group Plc now owns 18,022 shares of the company’s stock worth $736,000 after purchasing an additional 520 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of Stride by 40.5% during the first quarter. Advisor Group Holdings Inc. now owns 2,050 shares of the company’s stock worth $120,000 after purchasing an additional 591 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Stride by 14.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,445 shares of the company’s stock worth $198,000 after purchasing an additional 700 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Stride by 6.0% during the second quarter. AQR Capital Management LLC now owns 12,672 shares of the company’s stock worth $517,000 after purchasing an additional 714 shares in the last quarter. 92.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LRN has been the topic of a number of research analyst reports. BMO Capital Markets dropped their price target on Stride from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, October 27th. Morgan Stanley decreased their target price on Stride from $43.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, January 4th. Finally, StockNews.com downgraded Stride from a “buy” rating to a “hold” rating in a report on Thursday, October 27th.

About Stride

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Stride, Inc, a technology-based education service company, provides proprietary and third-party online curriculum, software systems, and educational services to facilitate individualized learning for students primarily in kindergarten through 12th grade (K-12) in the United States and internationally.