Congress Asset Management Increases Stake in Duolingo

Congress Asset Management Co. has increased its stake in Duolingo, Inc. by 6.5% during the second quarter, as per the latest filing with the Securities and Exchange Commission (SEC). The fund now owns 52,941 shares of the company after acquiring an additional 3,254 shares. This represents 0.12% of Duolingo, valued at approximately $21.7 million.

Other institutional investors and hedge funds have also adjusted their positions in the company recently. Regatta Capital Group LLC acquired a new position worth about $253,000 in the second quarter. Retireful LLC also purchased shares valued at approximately $774,000. The Public Employees Retirement System of Ohio increased its holdings by 0.7%, now owning 11,667 shares valued at $4.78 million. Counterpoint Mutual Funds LLC bought a new position valued at approximately $398,000, while GAMMA Investing LLC increased its position by 36.4%.

Shares of Duolingo opened at $326.39 on Friday. The company has a market capitalization of $14.96 billion and a PE ratio of 134.32. Duolingo reported a quarterly earnings per share of $0.91, surpassing the consensus estimate. The company's revenue for the quarter rose by 41.5% compared to the previous year.

In recent transactions, General Counsel Stephen C. Chen sold 1,515 shares on August 26th. Insider Severin Hacker sold 10,000 shares on September 19th. Insiders currently own 15.67% of the company's stock.

Several research analysts have provided ratings on Duolingo. Robert W. Baird initiated coverage with a 'neutral' rating, while Wells Fargo & Company rated it 'underweight'. KeyCorp upgraded the stock to 'overweight', and Zacks Research gave it a 'strong-buy' rating.