Scotiabank Initiates Coverage on Duolingo (NASDAQ:DUOL)

Scotiabank initiated coverage on shares of Duolingo (NASDAQ:DUOL) in a report released on Thursday, MarketBeat Ratings reports. The brokerage set a “sector outperform” rating and a $425.00 price target on the stock. Scotiabank’s price target suggests a potential upside of 15.33% from the company’s current price.

DUOL has been the topic of several other research reports. DA Davidson increased their price target on shares of Duolingo from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JMP Securities lowered shares of Duolingo from an “outperform” rating to a “market perform” rating in a research report on Monday, October 14th. Bank of America raised their target price on shares of Duolingo from $292.00 to $298.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. The Goldman Sachs Group raised their target price on shares of Duolingo from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Piper Sandler raised their target price on shares of Duolingo from $271.00 to $351.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $340.70.

Duolingo Stock Down 1.2 %

Duolingo stock opened at $368.50 on Thursday. The stock has a market cap of $16.21 billion, a P/E ratio of 201.37 and a beta of 0.85. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 0.07. Duolingo has a twelve month low of $145.05 and a twelve month high of $378.48. The company’s 50-day moving average price is $308.97 and its two-hundred day moving average price is $238.18.

Duolingo (NASDAQ:DUOL) last announced its earnings results on Wednesday, November 6th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.14. Duolingo had a net margin of 12.59% and a return on equity of 11.74%. The firm had revenue of $192.59 million for the quarter, compared to analyst estimates of $189.19 million. During the same quarter in the prior year, the business posted $0.06 EPS. The business’s revenue was up 39.9% compared to the same quarter last year. As a group, analysts expect that Duolingo will post 2.02 EPS for the current year.

Insider Activity

In related news, insider Robert Meese sold 5,000 shares of Duolingo stock in a transaction on Friday, September 20th. The shares were sold at an average price of $270.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the insider now owns 147,053 shares of the company’s stock, valued at $39,704,310. This trade represents a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Natalie Glance sold 1,500 shares of Duolingo stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $313.36, for a total transaction of $470,040.00. Following the transaction, the insider now directly owns 136,760 shares of the company’s stock, valued at $42,855,113.60. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,819 shares of company stock valued at $4,823,261. Insiders own 18.30% of the company’s stock.

Hedge Funds Weigh In On Duolingo

Hedge funds have recently bought and sold shares of the company. True Wealth Design LLC bought a new position in Duolingo during the third quarter worth $26,000. First Horizon Advisors Inc. bought a new stake in Duolingo in the third quarter valued at $29,000. Larson Financial Group LLC bought a new stake in Duolingo in the second quarter valued at $31,000. Blue Trust Inc. bought a new stake in Duolingo in the second quarter valued at $32,000. Finally, GAMMA Investing LLC increased its stake in Duolingo by 350.0% in the second quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

About Duolingo

Duolingo, Inc operates as a mobile learning platform in the United States, the United Kingdom, and internationally. The company offers courses in 40 different languages, including Spanish, English, French, German, Italian, Portuguese, Japanese, and Chinese through its Duolingo app. It also provides a digital English language proficiency assessment exam.