Gaotu Techedu (NYSE:GOTU) Shares Down 4.1% – Here’s What Happened

Gaotu Techedu Inc. (NYSE:GOTU) shares dropped 4.1% during mid-day trading on Wednesday . The stock traded as low as $2.24 and last traded at $2.25. Approximately 292,171 shares changed hands during trading, a decline of 84% from the average daily volume of 1,866,502 shares. The stock had previously closed at $2.34.

Gaotu Techedu Price Performance

The firm has a market capitalization of $572.35 million, a price-to-earnings ratio of -3.87 and a beta of 0.03. The firm has a 50 day moving average price of $2.33 and a 200-day moving average price of $3.17.

Gaotu Techedu (NYSE:GOTU) last released its quarterly earnings data on Wednesday, December 4th. The company reported ($0.26) earnings per share (EPS) for the quarter. Gaotu Techedu had a negative return on equity of 37.79% and a negative net margin of 26.36%.

Institutional Investors Weigh In On Gaotu Techedu

Several large investors have recently modified their holdings of GOTU. Millennium Management LLC lifted 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 during the period. BRIGHT VALLEY CAPITAL Ltd purchased a new position in shares of Gaotu Techedu during the 2nd quarter worth approximately $2,450,000. JPMorgan Chase & Co. lifted its holdings in shares of Gaotu Techedu by 14.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 832,996 shares of the company’s stock valued at $3,265,000 after buying an additional 108,224 shares during the period. State Street Corp boosted its stake in shares of Gaotu Techedu by 20.7% in the third quarter. State Street Corp now owns 525,166 shares of the company’s stock valued at $2,059,000 after buying an additional 90,115 shares in the last quarter. Finally, Garden State Investment Advisory Services LLC acquired a new position in Gaotu Techedu during the third quarter worth $337,000. 48.42% of the stock is owned by institutional investors and hedge funds.

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.