Bank of New York Mellon Corp Reduces Stock Position in Duolingo, Inc. (NASDAQ:DUOL)

Bank of New York Mellon Corp cut its stake in Duolingo, Inc. (NASDAQ:DUOL) by 15.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 429,958 shares of the company’s stock after selling 80,842 shares during the quarter. Bank of New York Mellon Corp’s holdings in Duolingo were worth $139,405,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its holdings in Duolingo by 125.2% in the fourth quarter. IFP Advisors Inc now owns 259 shares of the company’s stock valued at $84,000 after buying an additional 144 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Duolingo in the fourth quarter valued at about $1,618,000. Olympiad Research LP purchased a new position in Duolingo in the fourth quarter valued at about $267,000. Legacy Capital Group California Inc. purchased a new position in Duolingo in the fourth quarter valued at about $1,077,000. Finally, Ieq Capital LLC grew its position in shares of Duolingo by 116.5% in the fourth quarter. Ieq Capital LLC now owns 11,000 shares of the company’s stock valued at $3,567,000 after purchasing an additional 5,919 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Duolingo Stock Down 17.0 %

Shares of NASDAQ DUOL opened at $312.07 on Friday. Duolingo, Inc. has a 1 year low of $145.05 and a 1 year high of $441.77. The firm’s 50 day moving average price is $359.71 and its 200 day moving average price is $310.14. The firm has a market cap of $13.73 billion, a P/E ratio of 170.53 and a beta of 0.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.09 and a current ratio of 3.09.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their price target on shares of Duolingo from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group assumed coverage on shares of Duolingo in a research report on Friday, January 24th. They issued a “hold” rating and a $370.00 price target on the stock. JMP Securities reiterated a “market perform” rating on shares of Duolingo in a research report on Friday, February 14th. Bank of America lowered shares of Duolingo from a “buy” rating to a “neutral” rating and increased their price target for the company from $355.00 to $375.00 in a research report on Wednesday, December 11th. Finally, Needham & Company LLC increased their price target on shares of Duolingo from $385.00 to $400.00 and gave the company a “buy” rating in a research report on Friday. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $369.09.

Insiders Place Their Bets

In other Duolingo news, General Counsel Stephen C. Chen sold 2,064 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $435.12, for a total transaction of $898,087.68. Following the transaction, the general counsel now owns 34,634 shares of the company’s stock, valued at $15,069,946.08. This trade represents a 5.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Severin Hacker sold 188,901 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $339.54, for a total transaction of $64,139,445.54. Following the transaction, the insider now directly owns 72 shares in the company, valued at approximately $24,446.88. This represents a 99.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 305,639 shares of company stock valued at $105,445,057 over the last quarter. Company insiders own 18.30% of the company’s stock.

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.