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

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

Analyst Upgrades and Downgrades

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

Gaotu Techedu Price Performance

The firm has a market cap of $811.46 million and a PE ratio of -39.75. The business’s fifty day moving average is $4.69 and its 200-day moving average is $5.86.

Institutional Trading of Gaotu Techedu

Hedge funds and other institutional investors have recently modified their holdings of the business. BRIGHT VALLEY CAPITAL Ltd bought a new stake in Gaotu Techedu during the 2nd quarter worth approximately $2,450,000. Millennium Management LLC grew its holdings in shares of Gaotu Techedu by 1,233.8% during the second quarter. Millennium Management LLC now owns 579,011 shares of the company’s stock worth $2,837,000 after purchasing an additional 535,601 shares in the last quarter. Marshall Wace LLP increased its position in shares of Gaotu Techedu by 158.2% in 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 last quarter. Jupiter Asset Management Ltd. purchased a new stake in Gaotu Techedu in the second quarter valued at approximately $693,000. Finally, Headlands Technologies LLC lifted its position in Gaotu Techedu by 1,362.7% during the second quarter. Headlands Technologies LLC now owns 141,718 shares of the company’s stock valued at $694,000 after purchasing an additional 132,029 shares during the last quarter. Institutional investors own 48.42% of the company’s stock.

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.