Gaotu Techedu (NYSE:GOTU) Stock Price Down 11.5%

Gaotu Techedu Inc. (NYSE:GOTU)’s share price fell 11.5% during mid-day trading on Wednesday . The stock traded as low as $2.89 and last traded at $2.93. 2,011,316 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 3,622,480 shares. The stock had previously closed at $3.31.

Wall Street Analyst Weigh In

Separately, Citigroup cut Gaotu Techedu from a “buy” rating to a “sell” rating in a research report on Tuesday.

Gaotu Techedu Stock Down 1.3 %

The stock’s fifty day moving average price is $4.69 and its two-hundred day moving average price is $5.86. The company has a market capitalization of $811.46 million and a PE ratio of -39.75.

Hedge Funds Weigh In On Gaotu Techedu

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new position in shares of Gaotu Techedu in the first quarter worth $63,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Gaotu Techedu in the first quarter valued at about $99,000. SG Americas Securities LLC acquired a new stake in shares of Gaotu Techedu in the second quarter valued at about $75,000. Virtu Financial LLC acquired a new position in Gaotu Techedu during the first quarter worth about $133,000. Finally, Marshall Wace LLP raised its stake in Gaotu Techedu by 158.2% during the second quarter. Marshall Wace LLP now owns 77,562 shares of the company’s stock worth $380,000 after purchasing an additional 47,522 shares during the period. 48.42% of the stock is currently owned by 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.