APOL was in the process of cutting their expenses by closing a lot of campuses and becoming more of an online establishment. Logically thinking, this would have to trigger more unique visitors to the University of Phoenix site. However, the new Compete Data, that came out last Friday, shows that the traffic for phoenix edu is only getting worse. The May 2013 traffic (2.8M unique visits) is much lower than May 2012 (3.4M unique visits). This doesn't correlate well with the company's efforts of shifting focus to being mostly an online education provider.
I still think the company has an upside potential and is looking good on fundamentals, but I would not buy it above $20. If they announce uber-surprise earnings in June, then it could trigger a lot of short covering similar to TSLA. Maybe I'll hop on the wagon then.