Stride (NYSE:LRN) Shares Down 4.8% – Here’s Why

Stride, Inc. (NYSE:LRN)’s share price dropped 4.8% during trading on Monday . The stock traded as low as $83.49 and last traded at $83.61. Approximately 313,420 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,634,329 shares. The stock had previously closed at $87.83.

Analyst Ratings Changes

Several brokerages recently issued reports on LRN. Morgan Stanley reduced their price objective on shares of Stride from $130.00 to $95.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 17th. Wall Street Zen cut shares of Stride from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Canaccord Genuity Group reissued a “buy” rating and issued a $125.00 price target on shares of Stride in a research note on Wednesday, January 28th. BMO Capital Markets reaffirmed a “market perform” rating and set a $94.00 price objective on shares of Stride in a research report on Wednesday, January 28th. Finally, Barrington Research reiterated an “outperform” rating and issued a $125.00 target price on shares of Stride in a report on Wednesday, January 28th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $109.75.

Stride Trading Down 0.3%

The company has a debt-to-equity ratio of 0.31, a current ratio of 7.27 and a quick ratio of 7.19. The firm has a market cap of $3.73 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 0.53 and a beta of 0.10. The company’s 50 day moving average price is $69.67 and its 200 day moving average price is $107.99.

Institutional Trading of Stride

Large investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. acquired a new stake in shares of Stride in the second quarter valued at $25,000. Financial Management Professionals Inc. purchased a new stake in Stride during the 3rd quarter worth about $26,000. Penserra Capital Management LLC acquired a new stake in Stride in the 2nd quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. raised its position in Stride by 78.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the company’s stock valued at $28,000 after purchasing an additional 85 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Stride in the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 98.24% of the company’s stock.

About Stride

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.