GEO - Why GEO Group Stock Was Falling Today
Shares of The GEO Group (NYSE: GEO) were pulling back today after the private-prison real estate investment trust ( REIT ) beat estimates on the top line but missed on the bottom line in the fourth quarter. Guidance also called for flat growth in 2023.
After the stock surged over the past year, investors seemed to think it was overbought, and shares were down 12.1% as of 10:44 a.m. ET on Tuesday.
The GEO Group, which operates prisons and other detention facilities in the U.S., U.K., Australia, and South Africa, said revenue in the fourth quarter rose 11% to $620.7 million, which topped the analyst consensus at $604.4 million.
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Why GEO Group Stock Was Falling Today