LOPE - Why Grand Canyon Education Is Soaring Today
Shares of Grand Canyon Education (NASDAQ: LOPE) were soaring 12% higher in morning trading Wednesday after the for-profit education provider trounced Wall Street's expectations.
For-profit education was long seen as mix of unfit schools that looped students into a cesspool of debt for degrees that weren't worth the paper they could be ink-jet-printed on at home. Grand Canyon was different and has overcome adversity since its days as a not-for-profit educator, including earlier this year when short-seller Citron Research published one of its famed hit pieces on the company.
There was a lot that was left to be desired in the piece, though, and Grand Canyon's second-quarter earnings report seems to vindicate the institution.