Grand
Canyon Educ (NasdaqNM:LOPE) is +2.82 - +13.05% from the previous close of
$21.61. It traded between $23.00 - 25.00 with total traded volume of 1638992
shares. Keep a close eye on LOPE, as the stock has been showing unusual moves
over the past weeks. At Current market price, LOPE has recovered +73.02% from
its 52-week Low of 14.12 and has Pulled back +0.08% from its 52-week high of
24.41. Grand Canyon Education (LOPE) opened with a 12% jump after
reporting late Thursday its third-quarter sales and earnings easily cleared
views. The for-profit educator gave Q4 and full-year sales and earnings
guidance above forecasts.
For-profit
educators have struggled amid new regulations and increased government
scrutiny, but Grand Canyon's impressive third-quarter-- earnings spiked 44% on
revenue growth of 17% -- coupled with upbeat guidance for the fourth helps ease
some of those long-standing concerns. In fact, Grand Canyon's enrollment surged
17.5% to 52,300 versus 44,500 in the year-ago period, giving investors plenty
of good vibes over a sustained industry turnaround.
The company, based in Phoenix, provides online and
campus-based undergraduate and graduate degrees. Net income increased nearly 44
percent to $18.5 million, or 41 cents per share, for the period that ended
Sept. 30. That is up from $12.9 million, 29 cents per share, in the same
quarter last year. Revenue increased 23 percent to $133.6 million helped by a
17 percent increase in enrollment. Analysts polled by FactSet expected 35 cents
per share on revenue of $125.7 million. Grand Canyon expects to earn 41 or 42
cents per share in its fourth quarter on revenue of $135 million to $136
million. Analysts expect 38 cents per share on revenue of $129.5 million. It forecasts
earnings of $1.49 or $1.50 per share for the year on revenue of $505 million to
$506 million. Analysts estimate $1.41 per share on revenue of $491.7 million.
Shares of the company fell 15 cents to close at $21.61.
