The company reported $1.81 in quarterly earnings per share on $264.05 million in revenue, topping forecasts of $1.69 and $261.8 million as institutional positioning and analyst reaction appeared mixed.
Grand Canyon Education reported second-quarter results above Wall Street expectations, posting earnings per share of $1.81 versus forecasts of $1.69 and revenue of $264.05 million compared with expected revenue of $261.8 million. The results came after mixed investor positioning ahead of the release, with Arrowstreet Capital reducing its stake while Bank of Nova Scotia increased its position. Despite the earnings and revenue beat, Barrington lowered its stock price target to $200 from $230, reflecting a more cautious valuation view even as operating performance exceeded estimates.