Adtalem Global Education Inc. (NYSE: ATGE) experienced a remarkable upswing of 15.83% during the Friday trading session, closing at $49.98. Notably, the company’s trading volume reached 997.16K shares, substantially surpassing its average weekly trading volume of 383.61K shares. This surge in Adtalem’s stock price can be attributed to a favorable development in the form of an analyst’s endorsement.
The prominent analyst firm Robert W. Baird not only elevated its rating for ATGE stock from ‘Neutral’ to ‘Outperform’ but also revised its price target to $55, an increase from the previous target of $47.
Additionally, Adtalem (ARGE) disclosed its financial results for the first quarter of fiscal year 2024, concluding on September 30, 2023, last Thursday. These results signified a noteworthy rebound in total enrollment figures and a substantial improvement in academic performance.
ATGE’s quarterly revenue reached $368.8 million, marking a 4.1% increase compared to the same quarter a year ago. Diluted earnings per share at ATGE reached $0.25, compared to $0.01 in the previous year.
Chamberlain University continues to pioneer specialized nursing education programs, addressing critical areas where there is a scarcity of nursing professionals, including peri-operative, home health, nephrology, and emergency care, through its Practice Ready-Specialty Focused model.
This unique educational approach has provided over 1,000 students enrolled in Chamberlain’s Bachelor of Science in Nursing program with specialized training opportunities. Moreover, this proprietary learning model has been expanded to all 23 Chamberlain campuses, thus widening access to a larger student population.
In an impressive display, ATGE shared that Walden’s 69th commencement ceremony celebrated the conferral of more than 6,500 doctoral, master’s, and bachelor’s degrees to students hailing from all 50 U.S. states and more than 40 countries, with nearly 35% of the degrees awarded being in post-licensure nursing programs.
Of note, over 50% of the graduates who disclosed their racial identity identified themselves as belonging to minority groups. Adtalem has exhibited accelerated performance across five pivotal operational domains, enabling the company to fully leverage its dominant position in the market and respond effectively to the healthcare sector’s needs.
This, in turn, has bolstered ATGE’s confidence in raising its expectations for fiscal year 2024. With a student body exceeding 80,000 and a network of over 300,000 alumni, Adtalem is strategically positioned to address the pressing shortages of healthcare providers.
