Gaotu Techedu (NYSE:GOTU) Shares Gap Up – Here’s What Happened

Shares of Gaotu Techedu Inc. (NYSE:GOTU) gapped up prior to trading on Friday . The stock had previously closed at $2.87, but opened at $2.95. Gaotu Techedu shares last traded at $2.75, with a volume of 565,004 shares trading hands.

Analysts Set New Price Targets

Separately, Citigroup cut shares of Gaotu Techedu from a “buy” rating to a “sell” rating in a report on Tuesday, August 27th.

Gaotu Techedu Stock Down 4.9 %

The stock has a market cap of $708.63 million, a PE ratio of -8.44 and a beta of 0.02. The business has a 50 day moving average price of $3.15 and a 200 day moving average price of $4.26.

Gaotu Techedu (NYSE:GOTU) last released its quarterly earnings data on Tuesday, August 27th. The company reported ($0.23) EPS for the quarter. The company had revenue of $138.95 million during the quarter. Gaotu Techedu had a negative return on equity of 20.26% and a negative net margin of 17.63%.

Institutional Trading of Gaotu Techedu

A number of hedge funds have recently added to or reduced their stakes in GOTU. Barclays PLC increased its holdings in Gaotu Techedu by 87.8% in the third quarter. Barclays PLC now owns 73,008 shares of the company’s stock valued at $286,000 after buying an additional 34,133 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Gaotu Techedu in the 3rd quarter valued at about $38,000. State Street Corp increased its stake in shares of Gaotu Techedu by 20.7% in the 3rd quarter. State Street Corp now owns 525,166 shares of the company’s stock valued at $2,059,000 after purchasing an additional 90,115 shares in the last quarter. Pinpoint Asset Management Ltd raised its holdings in Gaotu Techedu by 14.3% in the 3rd quarter. Pinpoint Asset Management Ltd now owns 229,445 shares of the company’s stock worth $899,000 after purchasing an additional 28,776 shares during the period. Finally, Garden State Investment Advisory Services LLC purchased a new position in Gaotu Techedu during the third quarter worth approximately $337,000. 48.42% of the stock is owned by hedge funds and other institutional investors.

About Gaotu Techedu

Gaotu Techedu Inc, a technology-driven education company, provides learning services, educational content, and digitalized learning products in the People's Republic of China. The company offers traditional online academic subject tutoring services that covers academic subjects, such as mathematics, English, Chinese, physics, chemistry, biology, history, geography, and political science for students; non-academic tutoring services; personal interest courses comprising chess learning, family relationships and education, humanities, and science courses; and professional courses primarily for college students and adults preparing for professional qualification exams, such as teacher's qualification, Chartered Financial Analyst designation, Certified Public Accountant designation, and other exams.