Millrace Asset Group Inc. Makes New Investment in Zovio Inc (NASDAQ:ZVO)

Millrace Asset Group Inc. purchased a new position in shares of Zovio Inc (NASDAQ:ZVO) in the 1st quarter, Holdings Channel reports. The firm purchased 407,353 shares of the company’s stock, valued at approximately $1,654,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. tru Independence LLC acquired a new position in Zovio during the 4th quarter worth approximately $21,330,000. Thompson Siegel & Walmsley LLC acquired a new position in shares of Zovio in the 4th quarter valued at $92,000. ExodusPoint Capital Management LP acquired a new position in shares of Zovio in the 4th quarter valued at $92,000. GSA Capital Partners LLP acquired a new position in shares of Zovio in the 4th quarter valued at $97,000. Finally, ACG Wealth acquired a new position in shares of Zovio in the 1st quarter valued at $101,000. Institutional investors own 50.51% of the company’s stock.

Several analysts recently commented on ZVO shares. TheStreet downgraded shares of Zovio from a “c-” rating to a “d” rating in a research report on Tuesday, March 2nd. Barrington Research upped their price objective on shares of Zovio from $5.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, May 13th. Northland Securities assumed coverage on shares of Zovio in a research report on Friday, April 9th. They set an “outperform” rating and a $7.50 price objective for the company. Finally, Zacks Investment Research downgraded shares of Zovio from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 19th.

Shares of Zovio stock traded down $0.09 during mid-day trading on Friday, hitting $2.81. 543 shares of the stock were exchanged, compared to its average volume of 408,207. Zovio Inc has a twelve month low of $2.02 and a twelve month high of $7.34. The company has a market cap of $93.65 million, a PE ratio of -1.51 and a beta of 1.32. The stock has a 50-day moving average of $3.11.

Zovio (NASDAQ:ZVO) last released its quarterly earnings results on Wednesday, May 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.09). The firm had revenue of $76.86 million for the quarter, compared to analyst estimates of $76.06 million. Zovio had a positive return on equity of 10.09% and a negative net margin of 16.08%. On average, equities analysts expect that Zovio Inc will post -0.22 earnings per share for the current year.

About Zovio

Zovio Inc operates as an education technology services company in the United States. The company offers recruiting, admissions, marketing, student finance, financial aid processing, financial aid advising, program advising, student retention advising, and support services for academics, information technology, and institutional support; web development and cybersecurity training services; and tutoring services.

Featured Story: Leveraged Buyout (LBO) Explained

Want to see what other hedge funds are holding ZVO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zovio Inc (NASDAQ:ZVO).

Institutional Ownership by Quarter for Zovio (NASDAQ:ZVO)

Receive News & Ratings for Zovio Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zovio and related companies with MarketBeat.com's FREE daily email newsletter.