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

Shares of Gaotu Techedu Inc. (NYSE:GOTU) gapped down prior to trading on Wednesday . The stock had previously closed at $2.98, but opened at $2.60. Gaotu Techedu shares last traded at $2.59, with a volume of 2,247,253 shares.

Analyst Ratings Changes

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 Down 12.4 %

The company has a market cap of $677.48 million, a PE ratio of -7.65 and a beta of -0.01. The business’s fifty day moving average is $3.15 and its 200-day moving average is $4.09.

Hedge Funds Weigh In On Gaotu Techedu

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in shares of Gaotu Techedu in the third quarter worth approximately $38,000. SG Americas Securities LLC purchased a new position in Gaotu Techedu during the second quarter valued at approximately $75,000. Virtu Financial LLC purchased a new position in Gaotu Techedu during the first quarter valued at approximately $133,000. Barclays PLC lifted its holdings in Gaotu Techedu by 87.8% during the third quarter. Barclays PLC now owns 73,008 shares of the company’s stock valued at $286,000 after purchasing an additional 34,133 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Gaotu Techedu by 158.2% during the second quarter. Marshall Wace LLP now owns 77,562 shares of the company’s stock valued at $380,000 after purchasing an additional 47,522 shares in the last quarter. Hedge funds and other institutional investors own 48.42% of the company’s stock.

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.