We want to eliminate any potential confusion immediately: As far as we know, ESI is not currently subject to an investigation from the SEC. It is not uncommon for the SEC's Division of Corporate Finance to issue comments on a...
READ MORE >Over the past several months there has been a growing bifurcation in the for-profit postsecondary education industry between those companies that have enacted significant "self regulation" measures in order to improve compliance with...
READ MORE >Over the past few weeks, three large, publicly traded for-profit postsecondary education companies reported earnings. The general feedback from each company (APOL, CPLA, and ESI) has been fairly similar: 1) new student starts have...
READ MORE >Long time followers of our research know that we have been bearish on the earnings prospects and consequently the share price potential of ESI for quite some time. In light of our views on the stock, it shouldn't come as a huge surprise that our...
READ MORE >ESI's third quarter results and fall term enrollment intake add further credence to our argument that the higher education "moonshot" in demand has come to an end. Below we discuss some of our key observations from the...
READ MORE >ESI will release 3Q10 earnings tomorrow morning and host a conference call at 11AM. We wanted to make sure all of our subscribers had our estimates heading into the earnings release. Here are our key assumptions. THEY DO NOT INCLUDE THE POTENTIAL IMPACT OF GAINFUL EMPLOYMENT.Fall Term Intake We...
READ MORE >For the past 6-7 months we have argued that the definition of a credit hour could become a significant regulatory issue in the higher education space, one that has generally overlooked by most investors. As a reminder, upon the passage of NegReg 2009 the Department of Education will...
READ MORE >Investing in the for-profit education sector over the past 2-3 months has been almost entirely about one's ability to tap into various DC lobbying groups, read the "tea leaves" from public statements from...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0