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.
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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