Adtalem Global Education Inc. ATGE shares are trading lower on Tuesday following a report suggesting Fahmi Quadir has taken a short position in the stock.
What To Know: According to a CNBC report, Quadir disclosed her short position to the news outlet, with her firm, Safkhet Capital, describing the company as, “a toxic byproduct of an imperfect higher education system.” Quadir herself called Adtalem, "completely uninvestable."
The stock plunged roughly 25% on Tuesday in response to the news, giving up much of the gains it had made since October.
The sharp drop in price comes only two days ahead of the company's second-quarter earnings report, scheduled for Feb. 1. Adtalem is expected to report earnings of 98 cents per share and revenue of $372.78 million.
Related Link: What's Happening With Visa Stock?
ATGE Price Action: Shares of Adtalem were down 17.3% at $48.51 at the time of publication, according to Benzinga Pro.
Image by Oleg Gamulinskii from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
