Brian K. Meyers, the Chief Financial Officer and Treasurer of Lincoln Educational Services Corp (NASDAQ:LINC), recently sold a substantial portion of the company's stock. According to a recent SEC filing, Meyers sold a total of 60,387 shares over two days, with transactions occurring on November 18 and 19.
On November 18, Meyers sold 7,487 shares at a weighted average price of $15.32, with prices ranging from $15.10 to $15.46. The following day, he sold an additional 52,900 shares at a weighted average price of $15.02, with prices ranging from $14.83 to $15.16. The total value of these transactions amounted to $909,258.
Following these sales, Meyers retains ownership of 173,423 shares in the company. The sales were reportedly made in connection with Meyers' personal financial planning needs.
In other recent news, Lincoln Educational Services has reported significant growth in its third-quarter earnings. The company announced a 67% increase in adjusted EBITDA and a 21% rise in student starts. Furthermore, Lincoln Educational Services has raised its financial guidance for 2024, projecting revenue between $430 million and $435 million.
In terms of expansion, Lincoln Tech is developing new campuses in Nashville, Philadelphia, Houston, and Long Island. Corporate partnerships with Hyundai (OTC:HYMTF), Tesla (NASDAQ:TSLA), and Container Maintenance Corporation are expected to enhance training programs and revenue. The company also plans to divest the underperforming Euphoria Institute in Las Vegas to focus more on skilled trades and healthcare.
Rosenblatt Securities has adjusted its outlook on shares of Lincoln Educational Services, increasing the price target to $20.00 from the previous $17.00 and maintaining a Buy rating. The adjustment reflects the company's strong performance and Rosenblatt's confidence in Lincoln Educational Services' ability to thrive in the current economic environment. These are some of the recent developments concerning Lincoln Educational Services.
InvestingPro Insights
Lincoln Educational Services Corp (NASDAQ:LINC) has been experiencing significant market momentum, as evidenced by its strong performance across various timeframes. According to InvestingPro data, LINC has delivered impressive returns, with a 63.27% price total return over the past year and a 31.34% return in the last three months. This upward trajectory aligns with the timing of CFO Brian K. Meyers' recent stock sales, potentially indicating a strategic decision to capitalize on the company's robust market performance.
The company's financial health appears solid, with InvestingPro Tips highlighting that LINC's liquid assets exceed short-term obligations and it operates with a moderate level of debt. This financial stability may provide context for Meyers' decision to sell shares for personal financial planning, as the company's foundation remains strong.
However, investors should note that LINC is currently trading at a high earnings multiple, with a P/E ratio of 47.72. This valuation metric suggests that the market has high growth expectations for the company, which could explain the recent stock price appreciation that preceded Meyers' sales.
For those seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for LINC, providing deeper insights into the company's financial position and market outlook.
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