Gaotu Techedu Inc. (NYSE:GOTU) Sees Large Decrease in Short Interest

Gaotu Techedu Inc. (NYSE:GOTU) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 8,670,000 shares, a drop of 9.4% from the October 15th total of 9,570,000 shares. Based on an average daily volume of 2,680,000 shares, the short-interest ratio is presently 3.2 days. Currently, 5.8% of the shares of the company are sold short.

Hedge Funds Weigh In On Gaotu Techedu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Gaotu Techedu in the third quarter valued at approximately $38,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Gaotu Techedu during the first quarter worth $99,000. SG Americas Securities LLC acquired a new position in shares of Gaotu Techedu in the second quarter worth $75,000. Virtu Financial LLC purchased a new stake in shares of Gaotu Techedu in the first quarter valued at $133,000. Finally, Pinpoint Asset Management Ltd boosted its stake in shares of Gaotu Techedu by 14.3% during the third quarter. Pinpoint Asset Management Ltd now owns 229,445 shares of the company’s stock valued at $899,000 after acquiring an additional 28,776 shares during the last quarter. Institutional investors and hedge funds own 48.42% of the company’s stock.

Analysts Set New Price Targets

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

Gaotu Techedu Price Performance

Shares of GOTU stock traded up $0.01 during midday trading on Tuesday, reaching $2.60. 581,064 shares of the company traded hands, compared to its average volume of 3,395,412. The firm has a market cap of $674.88 million, a PE ratio of -7.62 and a beta of 0.02. The firm’s 50 day simple moving average is $3.17 and its two-hundred day simple moving average is $4.46. Gaotu Techedu has a 1-year low of $2.30 and a 1-year high of $8.44.

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

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.