Scholastic (NASDAQ:SCHL) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Scholastic Corporation (NASDAQ:SCHL) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $38.18 and traded as high as $47.75. Scholastic shares last traded at $46.69, with a volume of 221,420 shares.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Zacks Research lowered shares of Scholastic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings reissued a “hold (c+)” rating on shares of Scholastic in a research report on Thursday, June 18th. B. Riley Financial raised their target price on Scholastic from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Finally, Wall Street Zen cut Scholastic from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $42.00.

Scholastic Stock Down 0.1%

The business has a 50-day simple moving average of $42.87 and a 200-day simple moving average of $38.18. The stock has a market cap of $1.02 billion, a P/E ratio of 18.83, a PEG ratio of 1.49 and a beta of 0.99.

Scholastic announced that its Board of Directors has authorized a share buyback program on Friday, March 20th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 23% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in Scholastic by 160.5% in the 1st quarter. AQR Capital Management LLC now owns 157,436 shares of the company’s stock worth $2,972,000 after acquiring an additional 96,998 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Scholastic by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,851 shares of the company’s stock valued at $262,000 after acquiring an additional 630 shares during the period. Empowered Funds LLC boosted its holdings in Scholastic by 4.2% during the first quarter. Empowered Funds LLC now owns 164,178 shares of the company’s stock valued at $3,100,000 after acquiring an additional 6,628 shares during the period. Jane Street Group LLC grew its position in shares of Scholastic by 457.8% in the first quarter. Jane Street Group LLC now owns 81,390 shares of the company’s stock valued at $1,537,000 after purchasing an additional 66,798 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Scholastic by 16.8% in the second quarter. Russell Investments Group Ltd. now owns 23,440 shares of the company’s stock worth $492,000 after purchasing an additional 3,365 shares during the period. 82.57% of the stock is currently owned by institutional investors and hedge funds.

About Scholastic

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.