Bank of America Increases Duolingo (NASDAQ:DUOL) Price Target to $298.00

Duolingo (NASDAQ:DUOL) had its price target lifted by equities research analysts at Bank of America from $292.00 to $298.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 7.21% from the stock’s previous close.

DUOL has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price objective on shares of Duolingo from $275.00 to $255.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Piper Sandler restated an “overweight” rating and issued a $271.00 price objective on shares of Duolingo in a research report on Friday, August 30th. JMP Securities boosted their price objective on shares of Duolingo from $260.00 to $275.00 and gave the stock a “market outperform” rating in a research report on Wednesday. DA Davidson restated a “buy” rating and issued a $250.00 price objective on shares of Duolingo in a research report on Tuesday, September 10th. Finally, Wolfe Research initiated coverage on shares of Duolingo in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $255.50.

Duolingo Stock Performance

NASDAQ:DUOL opened at $277.96 on Wednesday. Duolingo has a 1 year low of $140.16 and a 1 year high of $297.56. The firm has a 50 day moving average of $206.15 and a 200-day moving average of $205.85. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $11.99 billion, a P/E ratio of 286.56 and a beta of 0.76.

Duolingo (NASDAQ:DUOL) last posted its earnings results on Wednesday, August 7th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.19. Duolingo had a net margin of 10.44% and a return on equity of 9.64%. The company had revenue of $178.30 million during the quarter, compared to analysts’ expectations of $177.13 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. Duolingo’s quarterly revenue was up 40.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Duolingo will post 1.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robert Meese sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $285.04, for a total value of $1,425,200.00. Following the completion of the transaction, the insider now owns 142,053 shares of the company’s stock, valued at approximately $40,490,787.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, General Counsel Stephen C. Chen sold 19,464 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $211.55, for a total value of $4,117,609.20. Following the completion of the transaction, the general counsel now directly owns 35,558 shares of the company’s stock, valued at approximately $7,522,294.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert Meese sold 5,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $285.04, for a total transaction of $1,425,200.00. Following the completion of the transaction, the insider now directly owns 142,053 shares of the company’s stock, valued at $40,490,787.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,374 shares of company stock valued at $22,019,727. Company insiders own 18.30% of the company’s stock.

Hedge Funds Weigh In On Duolingo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DUOL. Larson Financial Group LLC acquired a new position in Duolingo in the 2nd quarter worth $31,000. Blue Trust Inc. bought a new stake in Duolingo during the 2nd quarter worth about $32,000. GAMMA Investing LLC lifted its position in Duolingo by 350.0% during the 2nd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $36,000 after buying an additional 133 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in Duolingo during the 2nd quarter worth about $36,000. Finally, Fifth Third Bancorp bought a new stake in Duolingo during the 2nd quarter worth about $40,000. 91.59% of the stock is owned by institutional investors and hedge funds.

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.