Short Interest in Career Education Corp. (NASDAQ:CECO) Expands By 42.0%

Career Education Corp. (NASDAQ:CECO) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 3,750,000 shares, an increase of 42.0% from the September 30th total of 2,640,000 shares. Based on an average daily trading volume, of 591,900 shares, the short-interest ratio is currently 6.3 days. Currently, 5.5% of the company’s shares are short sold.

Several research firms recently issued reports on CECO. ValuEngine upgraded shares of Career Education from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Sidoti dropped their target price on shares of Career Education from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Zacks Investment Research upgraded shares of Career Education from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday, October 3rd. TheStreet upgraded shares of Career Education from a “c” rating to a “b-” rating in a report on Friday, November 8th. Finally, BidaskClub upgraded shares of Career Education from a “strong sell” rating to a “sell” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $22.33.

Shares of NASDAQ CECO traded down $0.31 during trading on Wednesday, hitting $16.47. 694,100 shares of the company traded hands, compared to its average volume of 517,224. The business’s fifty day moving average is $15.31 and its 200 day moving average is $18.44. Career Education has a fifty-two week low of $11.01 and a fifty-two week high of $22.50. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 15.69, a P/E/G ratio of 0.79 and a beta of 1.43. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.67 and a current ratio of 2.67.

Career Education (NASDAQ:CECO) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.08. Career Education had a net margin of 9.20% and a return on equity of 26.01%. The firm had revenue of $155.00 million for the quarter, compared to analyst estimates of $146.70 million. During the same quarter in the prior year, the business earned $0.25 earnings per share. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts predict that Career Education will post 1.36 EPS for the current year.

In related news, insider Michele A. Peppers sold 10,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $22.17, for a total value of $221,700.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John Robert Kline sold 5,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $22.22, for a total transaction of $111,100.00. Following the completion of the transaction, the senior vice president now owns 66,473 shares in the company, valued at approximately $1,477,030.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 296,629 shares of company stock worth $5,187,270. 5.58% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Systematic Financial Management LP purchased a new stake in Career Education in the 3rd quarter worth approximately $525,000. Boston Advisors LLC purchased a new stake in Career Education in the 3rd quarter worth approximately $1,078,000. Tibra Equities Europe Ltd purchased a new stake in Career Education in the 3rd quarter worth approximately $313,000. Mackay Shields LLC lifted its stake in Career Education by 4.2% in the 3rd quarter. Mackay Shields LLC now owns 200,400 shares of the company’s stock worth $3,184,000 after purchasing an additional 8,100 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in Career Education by 24.7% in the 3rd quarter. California Public Employees Retirement System now owns 165,281 shares of the company’s stock worth $2,626,000 after purchasing an additional 32,785 shares in the last quarter. Hedge funds and other institutional investors own 84.37% of the company’s stock.

About Career Education

Career Education Corporation operates colleges, institutions, and universities that provide education to student population in various career-oriented disciplines through online, campus based, and blended learning programs in the United States. The company operates through three segments: Colorado Technical University (CTU), American InterContinental University (AIU), and All Other Campuses.

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