Canaccord Genuity Group Initiates Coverage on Stride (NYSE:LRN)

Canaccord Genuity Group started coverage on shares of Stride (NYSE:LRN) in a research report released on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $94.00 price objective on the stock.

LRN has been the subject of several other research reports. Barrington Research increased their price target on shares of Stride from $75.00 to $85.00 and gave the company an outperform rating in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Stride from a buy rating to a hold rating in a research report on Thursday, August 1st. Finally, BMO Capital Markets lifted their price target on shares of Stride from $72.00 to $73.00 and gave the stock an outperform rating in a report on Thursday, April 25th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $83.33.

Stride Stock Performance

Shares of NYSE LRN traded up $1.22 during midday trading on Thursday, reaching $81.99. The company’s stock had a trading volume of 1,376,814 shares, compared to its average volume of 712,810. The stock has a market capitalization of $3.55 billion, a P/E ratio of 19.25, a PEG ratio of 0.74 and a beta of 0.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.29 and a quick ratio of 4.21. The firm has a 50 day moving average price of $70.50 and a 200-day moving average price of $65.66. Stride has a 12-month low of $38.15 and a 12-month high of $82.12.

Stride (NYSE:LRN) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.15. The business had revenue of $534.18 million for the quarter, compared to analysts’ expectations of $525.89 million. Stride had a return on equity of 18.29% and a net margin of 9.29%. The business’s revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. As a group, equities analysts predict that Stride will post 4.55 earnings per share for the current year.

Institutional Trading of Stride

Several hedge funds and other institutional investors have recently modified their holdings of LRN. William Blair Investment Management LLC grew its stake in Stride by 20.1% in the 2nd quarter. William Blair Investment Management LLC now owns 2,122,102 shares of the company’s stock valued at $149,608,000 after buying an additional 355,614 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Stride by 2.7% in the first quarter. Janus Henderson Group PLC now owns 1,154,995 shares of the company’s stock valued at $72,821,000 after purchasing an additional 30,854 shares in the last quarter. Swedbank AB purchased a new position in shares of Stride in the first quarter valued at $60,385,000. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Stride during the 2nd quarter valued at $43,387,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Stride by 641.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 508,444 shares of the company’s stock worth $32,058,000 after purchasing an additional 439,911 shares in the last quarter. Institutional investors own 98.24% of the company’s stock.

About Stride

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.