Bank of Nova Scotia Invests $13 Million in Duolingo, Inc. $DUOL

Bank of Nova Scotia acquired a new stake in Duolingo, Inc. (NASDAQ:DUOL) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 31,696 shares of the company’s stock, valued at approximately $12,996,000.

A number of other large investors have also added to or reduced their stakes in DUOL. T. Rowe Price Investment Management Inc. raised its position in Duolingo by 110.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 990,903 shares of the company’s stock worth $307,716,000 after purchasing an additional 520,069 shares during the last quarter. Norges Bank acquired a new position in shares of Duolingo in the 2nd quarter worth approximately $192,965,000. Nuveen LLC bought a new stake in shares of Duolingo in the 1st quarter valued at $42,950,000. 1832 Asset Management L.P. increased its position in shares of Duolingo by 746.9% during the first quarter. 1832 Asset Management L.P. now owns 137,200 shares of the company’s stock worth $42,606,000 after buying an additional 121,000 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Duolingo by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,647,951 shares of the company’s stock worth $1,495,733,000 after acquiring an additional 116,135 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

Insider Activity at Duolingo

In other Duolingo news, insider Severin Hacker sold 10,000 shares of Duolingo stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $172.74, for a total value of $1,727,400.00. Following the sale, the insider owned 72 shares of the company’s stock, valued at approximately $12,437.28. The trade was a 99.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Meese sold 1,444 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $177.95, for a total transaction of $256,959.80. Following the completion of the transaction, the insider owned 123,636 shares in the company, valued at approximately $22,001,026.20. The trade was a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 76,452 shares of company stock worth $18,736,132. 15.67% of the stock is owned by company insiders.

Duolingo Stock Down 5.6%

Duolingo stock opened at $197.44 on Thursday. Duolingo, Inc. has a fifty-two week low of $166.27 and a fifty-two week high of $544.93. The stock has a market cap of $9.13 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 1.31 and a beta of 0.86. The firm’s 50-day simple moving average is $247.66 and its 200 day simple moving average is $330.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.82 and a current ratio of 2.82.

Duolingo (NASDAQ:DUOL) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $5.95 EPS for the quarter, beating the consensus estimate of $0.72 by $5.23. The firm had revenue of $271.71 million during the quarter, compared to analyst estimates of $260.14 million. Duolingo had a net margin of 40.03% and a return on equity of 14.02%. The company’s revenue for the quarter was up 41.1% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS. Research analysts predict that Duolingo, Inc. will post 2.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price target on Duolingo from $465.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Needham & Company LLC reduced their target price on Duolingo from $460.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. The Goldman Sachs Group decreased their target price on Duolingo from $425.00 to $250.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Morgan Stanley set a $300.00 price target on Duolingo in a report on Thursday, November 6th. Finally, Robert W. Baird began coverage on shares of Duolingo in a report on Friday, September 5th. They set a “neutral” rating and a $280.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $337.78.

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.