Downside Purchased on Grand Canyon Education (LOPE)

Shares of Grand Canyon Education Inc. (

) are lower on the session by 5.81%, currently trading at $21.09. The stock has been trading largely lower over the past four months and is now below both the 50-day and 200-day moving averages. The stock is cratering today on news that the company was notified by the Department of Education that the university's administration of federal student aid was under review. Options traders are bracing for further downside today. The September $22.50 put was purchased 1,200 times, on the offer, earlier in the session; open interest on the strike is just 156 contracts. Put volume is now running at 17x the daily average. Grand Canyon Education, Inc. is a provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and healthcare. In addition to its online programs, the company offers ground programs at its traditional campus in Phoenix, Arizona and onsite at the facilities of employers. Learn how to find the best

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