Gaotu Techedu (NYSE:GOTU) Shares Down 5.8% – Here’s Why

Gaotu Techedu Inc. (NYSE:GOTU) shares dropped 5.8% on Tuesday . The company traded as low as $3.11 and last traded at $3.06. Approximately 885,017 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,764,988 shares. The stock had previously closed at $3.25.

Gaotu Techedu Price Performance

The firm has a market cap of $772.22 million, a P/E ratio of -5.21 and a beta of 0.10. The stock has a 50 day moving average of $2.96 and a 200 day moving average of $2.84.

Institutional Investors Weigh In On Gaotu Techedu

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC raised its position in shares of Gaotu Techedu by 87.8% in the 3rd quarter. Barclays PLC now owns 73,008 shares of the company’s stock worth $286,000 after acquiring an additional 34,133 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Gaotu Techedu by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 832,996 shares of the company’s stock worth $3,265,000 after acquiring an additional 108,224 shares in the last quarter. State Street Corp increased its stake in shares of Gaotu Techedu by 20.7% during the third quarter. State Street Corp now owns 525,166 shares of the company’s stock valued at $2,059,000 after purchasing an additional 90,115 shares in the last quarter. Garden State Investment Advisory Services LLC purchased a new position in shares of Gaotu Techedu during the third quarter valued at approximately $337,000. Finally, Catalyst Funds Management Pty Ltd bought a new stake in shares of Gaotu Techedu in the 4th quarter worth approximately $38,000. 48.42% of the stock is owned by hedge funds and other institutional investors.

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.