Quantasing Group Ltd (NASDAQ:HERE) Stock Short Interest Declines 57.3%

Quantasing Group Ltd (NASDAQ:HERE) was the target of a significant drop in short interest during the month of September. As of September 15th, there was short interest totaling 234,184 shares, a drop of 57.3% from the August 31st total of 548,832 shares. Based on an average daily volume of 20,020 shares, the days-to-cover ratio is presently 11.7 days. Currently, 0.4% of the shares of the stock are sold short.

Institutional Trading of Quantasing Group

A number of hedge funds have recently added to or reduced their stakes in HERE. SG Americas Securities LLC acquired a new stake in Quantasing Group during the 1st quarter worth $308,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Quantasing Group in the 4th quarter valued at about $88,000. Finally, Oasis Management Co Ltd. purchased a new stake in Quantasing Group during the fourth quarter worth about $479,000.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on HERE shares. Wall Street Zen raised Quantasing Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Quantasing Group in a research note on Friday, September 4th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.50.

Quantasing Group Stock Performance

Shares of Quantasing Group stock traded down $0.02 on Monday, hitting $1.67. 5,901 shares of the company’s stock were exchanged, compared to its average volume of 106,873. Quantasing Group has a 1 year low of $1.50 and a 1 year high of $9.84. The stock has a market capitalization of $91.28 million, a PE ratio of 15.18 and a beta of -0.51. The company has a 50-day simple moving average of $1.86 and a 200-day simple moving average of $2.45.

Quantasing Group declared that its Board of Directors has initiated a share buyback plan on Friday, June 5th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Quantasing Group Company Profile

We believe that personal learning and development is a lifelong journey. Everyone, regardless of background, should be given an equal opportunity to pursue their interests, passions, and goals. Our mission is to improve people’s quality of life and well-being by providing them lifelong personal learning and development opportunities. QuantaSing Group is the largest online learning service provider in China’s adult learning market for personal interest courses and among the top five service providers in China’s total adult learning market, in terms of revenue in 2021, according to the F&S report.