BlackRock Inc. Purchases New Shares in Grand Canyon Education, Inc. $LOPE

Key Points

• BlackRock acquired 2.78 million shares of Grand Canyon Education in the second quarter, worth approximately $397.7 million and representing a 10.66% stake. Institutional investors collectively own 94.17% of the company.
• Grand Canyon Education reported quarterly EPS of $1.81, beating estimates of $1.67, while revenue rose 6.7% year over year to $264.05 million.
• LOPE shares recently traded at $149.08, and analysts maintain a “Moderate Buy” consensus rating with an average price target of $161.67, despite some firms downgrading or reducing targets.

BlackRock Inc. acquired a new stake in Grand Canyon Education, Inc. (NASDAQ:LOPE - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,778,662 shares of the company's stock, valued at approximately $397,654,000. BlackRock Inc. owned approximately 10.66% of Grand Canyon Education as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. NewEdge Advisors LLC grew its position in shares of Grand Canyon Education by 4,339.5% during the 1st quarter. NewEdge Advisors LLC now owns 1,909 shares of the company's stock valued at $330,000 after acquiring an additional 1,866 shares during the period. Goldman Sachs Group Inc. raised its holdings in Grand Canyon Education by 14.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 115,508 shares of the company's stock worth $19,985,000 after purchasing an additional 15,019 shares during the period. Empowered Funds LLC raised its holdings in Grand Canyon Education by 2.1% in the 1st quarter. Empowered Funds LLC now owns 7,925 shares of the company's stock worth $1,371,000 after purchasing an additional 161 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Grand Canyon Education by 7.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 123,214 shares of the company's stock worth $21,318,000 after purchasing an additional 8,421 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in Grand Canyon Education by 156.9% during the first quarter. Jane Street Group LLC now owns 37,350 shares of the company's stock worth $6,462,000 after purchasing an additional 22,812 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Grand Canyon Education Trading Up 1.0%

LOPE stock opened at $149.08 on Wednesday. Grand Canyon Education, Inc. has a 12-month low of $134.27 and a 12-month high of $223.04. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 0.96 and a beta of 0.57. The business's 50-day moving average is $146.30 and its 200 day moving average is $156.70.

Grand Canyon Education (NASDAQ:LOPE - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.67 by $0.14. Grand Canyon Education had a return on equity of 36.62% and a net margin of 19.63%.The company had revenue of $264.05 million during the quarter, compared to analyst estimates of $261.87 million. During the same period in the previous year, the business earned $1.53 EPS. Grand Canyon Education's quarterly revenue was up 6.7% on a year-over-year basis. As a group, equities analysts forecast that Grand Canyon Education, Inc. will post 10.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LOPE. Weiss Ratings cut Grand Canyon Education from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 25th. Truist Financial set a $100.00 target price on Grand Canyon Education in a research report on Tuesday, June 9th. Barrington Research set a $200.00 price target on shares of Grand Canyon Education in a research note on Friday, July 31st. BMO Capital Markets cut their price target on shares of Grand Canyon Education from $198.00 to $185.00 and set an "outperform" rating for the company in a report on Monday, July 6th. Finally, Wall Street Zen cut shares of Grand Canyon Education from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $161.67.

Grand Canyon Education Company Profile

Grand Canyon Education, Inc provides a suite of higher‐education services through a long-term agreement with Grand Canyon University (GCU), one of the nation's largest private Christian universities. The company's offerings encompass a full range of academic and operational support functions, including enrollment management, student recruitment, curriculum development, instructional delivery, and technology infrastructure. Through its online program management capabilities, Grand Canyon Education helps design, market and deliver undergraduate, graduate and certificate programs to meet the needs of both traditional and non‐traditional learners.

Core services include digital marketing, admissions support, student success coaching, learning management systems and faculty recruitment.

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