Reasons for the Decline of Adtalem Global Education (ATGE) in Q2
Ariel Investments, an investment management company, released its “Ariel Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Ariel fund gained +3.11% underperforming +4.37% and +5.22% gains of both the Russell 2500 Value Index and the Russell 2500 Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund highlighted stocks like Adtalem Global Education Inc. (NYSE:ATGE) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, Adtalem Global Education Inc. (NYSE:ATGE) offers workforce solutions. On September 11, 2023, Adtalem Global Education Inc. (NYSE:ATGE) stock closed at $44.36 per share. One-month return of Adtalem Global Education Inc. (NYSE:ATGE) was 3.67%, and its shares gained 17.45% of their value over the last 52 weeks. Adtalem Global Education Inc. (NYSE:ATGE) has a market capitalization of $1.843 billion.
Ariel Fund made the following comment about Adtalem Global Education Inc. (NYSE:ATGE) in its Q2 2023 investor letter:
"Finally, global leader in for-profit education, Adtalem Global Education Inc. (NYSE:ATGE), traded lower alongside the release of the Biden Administration’s proposal for Gainful-Employment regulations, however management does not expect the new rules to be problematic. Shares came under further pressure following an investor day where ATGE lowered its financial outlook for 2024 on plans to increase its marketing spend to improve brand awareness and invest in the student experience to enhance growth and retention. Although investors remain skeptical of the near-term backdrop, we believe ATGE is on the path to be number one in undergrad and graduate nursing enrollment in the U.S. and the largest producer of African American MDs, PhDs and nurses in the country."
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Adtalem Global Education Inc. (NYSE:ATGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Adtalem Global Education Inc. (NYSE:ATGE) at the end of second quarter which was 15 in the previous quarter.
We discussed Adtalem Global Education Inc. (NYSE:ATGE) in another article and shared the list of stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
