Short Interest in Gaotu Techedu Inc. (NYSE:GOTU) Drops By 9.4%

Gaotu Techedu Inc. (NYSE:GOTU) was the recipient of a large drop in short interest during 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 days-to-cover ratio is presently 3.2 days. Currently, 5.8% of the shares of the company are short sold.

Hedge Funds Weigh In On Gaotu Techedu

A number of hedge funds have recently modified their holdings of GOTU. Seven Eight Capital LP acquired a new stake in shares of Gaotu Techedu in the first quarter worth $957,000. BRIGHT VALLEY CAPITAL Ltd acquired a new stake in shares of Gaotu Techedu during the second quarter worth approximately $2,450,000. Millennium Management LLC grew its position in Gaotu Techedu by 1,233.8% during the second quarter. Millennium Management LLC now owns 579,011 shares of the company’s stock valued at $2,837,000 after purchasing an additional 535,601 shares in the last quarter. Marshall Wace LLP increased its stake in Gaotu Techedu by 158.2% in the 2nd quarter. Marshall Wace LLP now owns 77,562 shares of the company’s stock valued at $380,000 after buying an additional 47,522 shares during the period. Finally, National Bank of Canada FI purchased a new stake in Gaotu Techedu in the 2nd quarter worth approximately $2,135,000. 48.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Gaotu Techedu Stock Performance

Shares of NYSE:GOTU remained flat at $2.59 during trading on Tuesday. 422,460 shares of the stock were exchanged, compared to its average volume of 3,394,970. Gaotu Techedu has a 12 month low of $2.30 and a 12 month high of $8.44. The business’s fifty day moving average is $3.17 and its two-hundred day moving average is $4.46.

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

Gaotu Techedu Company Profile

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.