Maxim Group Begins Coverage on Legacy Education (NYSEAMERICAN:LGCY)

Key Points

• Maxim Group initiated coverage of Legacy Education with a “buy” rating and a $16 price target, implying approximately 61.6% upside from the reported $9.90 share price.
• Analyst sentiment is mixed: Zacks Research downgraded the stock to “strong sell,” while the overall consensus rating is “Hold” with an average price target of $15.30.
• Legacy Education reported quarterly EPS of $0.13 on $20.10 million in revenue, while several institutional investors—including Bank of America, BlackRock and Renaissance Technologies—recently increased or initiated positions.

Equities researchers at Maxim Group assumed coverage on shares of Legacy Education (NYSEAMERICAN:LGCY - Get Free Report) in a research note issued to investors on Friday, Briefing.com reports. The brokerage set a "buy" rating and a $16.00 price target on the stock. Maxim Group's price target points to a potential upside of 61.62% from the company's current price.

Separately, Zacks Research cut shares of Legacy Education from a "hold" rating to a "strong sell" rating in a research note on Friday, September 25th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Legacy Education has a consensus rating of "Hold" and an average price target of $15.30.

Legacy Education Stock Down 3.1%

Shares of Legacy Education stock opened at $9.90 on Friday. Legacy Education has a 12-month low of $7.94 and a 12-month high of $14.70. The stock has a market cap of $126.82 million, a P/E ratio of 15.48 and a beta of 1.15. The business's 50 day moving average is $10.26 and its 200-day moving average is $11.41.

Legacy Education (NYSEAMERICAN:LGCY - Get Free Report) last released its quarterly earnings data on Thursday, September 24th. The company reported $0.13 EPS for the quarter. The company had revenue of $20.10 million during the quarter. Legacy Education had a return on equity of 19.04% and a net margin of 11.42%. On average, sell-side analysts expect that Legacy Education will post 0.77 EPS for the current year.

Hedge Funds Weigh In On Legacy Education

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Legacy Education by 481.2% in the 1st quarter. Bank of America Corp DE now owns 21,847 shares of the company's stock valued at $274,000 after buying an additional 18,088 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Legacy Education by 68.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 24,747 shares of the company's stock valued at $310,000 after acquiring an additional 10,096 shares during the period. Manatuck Hill Partners LLC bought a new position in Legacy Education in the 2nd quarter valued at about $524,000. BlackRock Inc. bought a new position in Legacy Education in the 2nd quarter valued at about $600,000. Finally, Renaissance Technologies LLC lifted its position in Legacy Education by 87.6% during the first quarter. Renaissance Technologies LLC now owns 72,000 shares of the company's stock worth $901,000 after acquiring an additional 33,628 shares during the last quarter.

Legacy Education Company Profile

Legacy Education, Inc is a postsecondary education company that provides career-focused training and degree programs. Its offerings are concentrated in healthcare and other vocational fields, with programs designed to prepare students for employment in areas such as nursing, medical assisting, dental assisting, business, legal services and related occupations.

The company operates educational institutions including North-West College and Glendale Career College in California, as well as Nevada Career Institute in Nevada.

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