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

Gaotu Techedu Inc. (NYSE:GOTU) gapped down before the market opened on Thursday . The stock had previously closed at $3.47, but opened at $3.37. Gaotu Techedu shares last traded at $3.50, with a volume of 315,397 shares.

Gaotu Techedu Stock Performance

The firm has a market capitalization of $914.98 million, a price-to-earnings ratio of -6.18 and a beta of 0.10. The company has a 50-day moving average price of $2.54 and a 200-day moving average price of $2.80.

Hedge Funds Weigh In On Gaotu Techedu

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP lifted its position in shares of Gaotu Techedu by 249.7% during the 3rd quarter. GSA Capital Partners LLP now owns 90,881 shares of the company’s stock worth $356,000 after buying an additional 64,896 shares during the last quarter. Garden State Investment Advisory Services LLC purchased a new stake in Gaotu Techedu in the third quarter valued at $337,000. Pinpoint Asset Management Ltd boosted its stake in Gaotu Techedu by 14.3% in 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 in the last quarter. State Street Corp boosted its stake in 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 acquiring an additional 90,115 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Gaotu Techedu during the third quarter worth about $38,000. 48.42% of the stock is owned by institutional investors and hedge funds.

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.