Gaotu Techedu (NYSE:GOTU) Stock Price Up 3.7% – Here’s What Happened

Gaotu Techedu Inc. (NYSE:GOTU) shares shot up 3.7% on Wednesday. The company traded as high as $2.66 and last traded at $2.6750. Approximately 165,426 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 438,334 shares. The stock had previously closed at $2.58.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Gaotu Techedu from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Gaotu Techedu Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a 50 day moving average of $2.08 and a 200 day moving average of $1.90. The stock has a market capitalization of $653.83 million, a P/E ratio of -12.98 and a beta of 0.73.

Gaotu Techedu (NYSE:GOTU) last released its earnings results on Thursday, August 27th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.08). The firm had revenue of $245.82 million during the quarter, compared to analyst estimates of $238.39 million. Gaotu Techedu had a negative return on equity of 26.89% and a negative net margin of 5.00%.

Institutional Investors Weigh In On Gaotu Techedu

Several institutional investors and hedge funds have recently modified their holdings of GOTU. SmartHarvest Portfolios LLC bought a new position in shares of Gaotu Techedu in the 1st quarter worth $29,000. Headlands Technologies LLC bought a new stake in Gaotu Techedu during the 2nd quarter worth approximately $35,000. Public Employees Retirement System of Ohio bought a new stake in shares of Gaotu Techedu during the second quarter worth $53,000. Hsbc Holdings PLC increased its holdings in Gaotu Techedu by 27.7% during the 1st quarter. Hsbc Holdings PLC now owns 161,501 shares of the company’s stock worth $319,000 after purchasing an additional 35,044 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Gaotu Techedu by 2.2% in the 1st quarter. Renaissance Technologies LLC now owns 2,330,640 shares of the company’s stock valued at $4,568,000 after buying an additional 50,362 shares during the last quarter. Institutional investors and hedge funds own 48.42% of the company’s stock.

About Gaotu Techedu

Gaotu Techedu Inc (NYSE: GOTU) is a China-based education technology company that provides online and technology-enabled learning services. Its offerings have included courses and educational content for children and students, as well as programs focused on adult education, professional development and foreign-language learning.

The company also develops digital learning products and services designed to support students, teachers and families, including online instruction, educational applications and related learning tools.