Quantasing Group Ltd (NASDAQ:HERE) Sees Large Increase in Short Interest

Quantasing Group Ltd (NASDAQ:HERE) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 753,766 shares, a growth of 105.5% from the June 30th total of 366,881 shares. Based on an average daily volume of 104,590 shares, the short-interest ratio is currently 7.2 days. Currently, 1.4% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

HERE has been the topic of several research analyst reports. Citigroup reaffirmed a “neutral” rating and set a $2.50 price objective on shares of Quantasing Group in a research note on Wednesday, May 27th. Wall Street Zen downgraded Quantasing Group from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Weiss Ratings lowered Quantasing Group from a “hold (c)” rating to a “sell (d+)” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $2.50.

Institutional Trading of Quantasing Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC acquired a new position in Quantasing Group during the 4th quarter valued at about $72,000. Squarepoint Ops LLC acquired a new stake in shares of Quantasing Group during the 4th quarter worth approximately $77,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Quantasing Group during the fourth quarter worth approximately $88,000. Invesco Ltd. bought a new stake in shares of Quantasing Group during the fourth quarter worth approximately $98,000. Finally, Renaissance Technologies LLC acquired a new position in Quantasing Group in the fourth quarter valued at approximately $117,000.

Quantasing Group Stock Down 1.1%

HERE traded down $0.02 during mid-day trading on Thursday, reaching $1.86. The stock had a trading volume of 18,649 shares, compared to its average volume of 131,025. The stock has a fifty day moving average price of $2.01. The company has a market cap of $101.67 million, a PE ratio of 2.16 and a beta of -0.52. Quantasing Group has a 52 week low of $1.50 and a 52 week high of $13.63.

Quantasing Group declared that its Board of Directors has initiated a stock repurchase plan on Friday, June 5th that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Quantasing Group Company Profile

We believe that personal learning and development is a lifelong journey. Everyone, regardless of background, should be given an equal opportunity to pursue their interests, passions, and goals. Our mission is to improve people’s quality of life and well-being by providing them lifelong personal learning and development opportunities. QuantaSing Group is the largest online learning service provider in China’s adult learning market for personal interest courses and among the top five service providers in China’s total adult learning market, in terms of revenue in 2021, according to the F&S report.