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

Gaotu Techedu Inc. (NYSE:GOTU) shares gapped up before the market opened on Monday . The stock had previously closed at $3.02, but opened at $3.14. Gaotu Techedu shares last traded at $3.15, with a volume of 498,330 shares traded.

Analysts Set New Price Targets

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

Gaotu Techedu Stock Up 6.3 %

The stock has a market capitalization of $833.22 million, a price-to-earnings ratio of -9.47 and a beta of -0.01. The stock has a fifty day moving average of $3.34 and a 200-day moving average of $4.86.

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

Hedge Funds Weigh In On Gaotu Techedu

Hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new position in shares of Gaotu Techedu in the first quarter valued at approximately $6,360,000. Seven Eight Capital LP purchased a new position in Gaotu Techedu in the 1st quarter valued at $957,000. BRIGHT VALLEY CAPITAL Ltd acquired a new position in Gaotu Techedu in the 2nd quarter valued at $2,450,000. Headlands Technologies LLC purchased a new position in Gaotu Techedu during the 1st quarter worth $63,000. Finally, Millennium Management LLC boosted its holdings in shares of Gaotu Techedu by 1,233.8% in the second quarter. Millennium Management LLC now owns 579,011 shares of the company’s stock valued at $2,837,000 after acquiring an additional 535,601 shares in the last quarter. 48.42% of the stock is currently 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.