Scholastic (NASDAQ:SCHL) Share Price Passes Above 200 Day Moving Average – Here’s Why

Scholastic Corporation (NASDAQ:SCHL) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $36.44 and traded as high as $43.94. Scholastic shares last traded at $43.93, with a volume of 350,384 shares traded.

Analysts Set New Price Targets

Several analysts have issued reports on SCHL shares. Zacks Research lowered shares of Scholastic from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. B. Riley Financial lifted their price objective on shares of Scholastic from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, March 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Scholastic in a research note on Thursday, June 18th. Finally, Wall Street Zen cut shares of Scholastic from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.00.

Scholastic Trading Up 2.4%

The company has a 50 day moving average price of $41.16 and a 200 day moving average price of $36.44. The company has a market capitalization of $955.04 million, a P/E ratio of 17.71 and a beta of 1.02.

Scholastic announced that its board has authorized a share repurchase plan on Friday, March 20th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 23% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Scholastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SCHL. Tower Research Capital LLC TRC increased its holdings in shares of Scholastic by 458.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,159 shares of the company’s stock valued at $66,000 after purchasing an additional 2,593 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Scholastic by 29.5% in the fourth quarter. GAMMA Investing LLC now owns 3,289 shares of the company’s stock valued at $97,000 after purchasing an additional 749 shares during the period. Marquette Asset Management LLC acquired a new stake in shares of Scholastic during the 4th quarter worth about $116,000. BNP Paribas Financial Markets lifted its stake in shares of Scholastic by 127.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,197 shares of the company’s stock worth $142,000 after buying an additional 2,912 shares during the last quarter. Finally, Yousif Capital Management LLC bought a new stake in shares of Scholastic during the 4th quarter worth about $181,000. 82.57% of the stock is owned by institutional investors.

Scholastic Company Profile

Scholastic Corporation (NASDAQ: SCHL) is a global company dedicated to children’s publishing, education technology and distribution services. The company’s core business encompasses three primary segments: Children’s Book Publishing and Distribution, Education Technology, and International operations. Through its publishing arm, Scholastic produces and distributes a wide range of children’s books, novels, nonfiction titles and classroom magazines under well-known imprints such as Scholastic Press, Graphix and Chicken House.