Gaotu Techedu (NYSE:GOTU) Shares Up 9.5%

Shares of Gaotu Techedu Inc. (NYSE:GOTU) shot up 9.5% during trading on Thursday . The stock traded as high as $6.52 and last traded at $6.43. 2,577,665 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 5,499,900 shares. The stock had previously closed at $5.87.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GOTU. Citigroup raised shares of Gaotu Techedu from a “sell” rating to a “buy” rating and boosted their target price for the stock from $2.48 to $4.50 in a report on Wednesday, January 3rd. CLSA raised shares of Gaotu Techedu from an “underperform” rating to an “outperform” rating and set a $8.65 target price on the stock in a report on Wednesday, February 28th.

Gaotu Techedu Price Performance

The firm’s fifty day moving average price is $6.59 and its 200 day moving average price is $4.30.

Gaotu Techedu (NYSE:GOTU) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.07) earnings per share (EPS) for the quarter. The business had revenue of $107.19 million for the quarter. Gaotu Techedu had a negative net margin of 0.10% and a negative return on equity of 0.10%.

Institutional Investors Weigh In On Gaotu Techedu

A number of hedge funds have recently bought and sold shares of GOTU. Goldman Sachs Group Inc. increased its position in Gaotu Techedu by 2,548.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,998,033 shares of the company’s stock valued at $25,333,000 after acquiring an additional 6,733,849 shares during the last quarter. Vanguard Group Inc. increased its position in Gaotu Techedu by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 5,637,189 shares of the company’s stock valued at $20,407,000 after acquiring an additional 151,418 shares during the last quarter. Harvest Fund Management Co. Ltd increased its position in Gaotu Techedu by 20.4% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 5,373,915 shares of the company’s stock valued at $19,507,000 after acquiring an additional 909,354 shares during the last quarter. Acadian Asset Management LLC increased its position in Gaotu Techedu by 16.4% during the third quarter. Acadian Asset Management LLC now owns 4,445,239 shares of the company’s stock valued at $12,248,000 after acquiring an additional 625,976 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Gaotu Techedu by 76.6% during the fourth quarter. Bank of America Corp DE now owns 4,084,721 shares of the company’s stock valued at $9,640,000 after acquiring an additional 1,772,187 shares during the last quarter. Hedge funds and other institutional investors own 48.42% of the company’s stock.

Gaotu Techedu Company Profile

Gaotu Techedu Inc, a technology-driven education company, provides online K-12 after-school tutoring services in the People's Republic of China. The company provides foreign language courses comprising English and Japanese, as well as test preparation courses for students taking language certification exams; and professional courses primarily for college students and adults preparing for professional qualification exams, such teacher's qualification, Chartered Financial Analyst designation, Certified Public Accountant designation, Certified Tax Agent designation, securities qualification exams, and other exams.