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

Gaotu Techedu Inc. (NYSE:GOTU) gapped down before the market opened on Tuesday . The stock had previously closed at $3.23, but opened at $3.13. Gaotu Techedu shares last traded at $3.23, with a volume of 628,966 shares changing hands.

Gaotu Techedu Price Performance

The firm’s 50 day moving average price is $2.80 and its two-hundred day moving average price is $2.82. The stock has a market cap of $824.13 million, a PE ratio of -5.57 and a beta of 0.10.

Institutional Investors Weigh In On Gaotu Techedu

Several institutional investors have recently made changes to their positions in GOTU. Norges Bank bought a new position in Gaotu Techedu in the 4th quarter worth about $3,583,000. JPMorgan Chase & Co. grew its position in shares of Gaotu Techedu by 14.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 832,996 shares of the company’s stock valued at $3,265,000 after purchasing an additional 108,224 shares in the last quarter. State Street Corp increased its stake in Gaotu Techedu by 20.7% in the 3rd quarter. State Street Corp now owns 525,166 shares of the company’s stock worth $2,059,000 after acquiring an additional 90,115 shares during the last quarter. Marshall Wace LLP purchased a new stake in Gaotu Techedu in the fourth quarter valued at approximately $781,000. Finally, Pinpoint Asset Management Ltd lifted its holdings in shares of Gaotu Techedu by 14.3% during the 3rd quarter. Pinpoint Asset Management Ltd now owns 229,445 shares of the company’s stock worth $899,000 after acquiring an additional 28,776 shares during 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.