Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Bleecker Street Research publishes investigative investment research on companies we believe are substantially overvalued.

Investigative Investment Research

Bleecker Street Capital

Bleecker Street Capital is a short-biased investment firm.

Equity Bottom-Up

<ul><li>Perdoceo Education Corporation (PRDO) is a ~$2B market cap, for-profit education company that has seen unprecedented enrollment and retention growth across its online academic institutions, which has driven its stock price up ~200% over the last two years. </li><li>In Q1 24, the pace of enrollments suddenly began to accelerate, with enrollment growth at Colorado Technical University (CTU), PRDO’s largest school, peaking at 28% year-over-year.</li><li>This growth far surpassed the normalized levels management were forecasting just one quarter prior, and well outstripped the ~3% average pre-COVID enrollment growth at CTU.</li></ul>

Perdoceo Education Corporation (PRDO) is a ~$2B market cap, for-profit education company that has seen unprecedented enrollment and retention growth across its online academic institutions, which has driven its stock price up ~200% over the last two years. In Q1 24, the pace of enrollments suddenly began to accelerate, with enrollment growth at Colorado Technical University (CTU), PRDO’s largest school, peaking at 28% year-over-year.This growth far surpassed the normalized levels management were forecasting just one quarter prior, and well outstripped the ~3% average pre-COVID enrollment growth at CTU.

Perdoceo Education Corp (PRDO): Going Ghost