Home / Business and Economy / Formula Growth Buys $3.5M Stake in Laureate Education
Formula Growth Buys $3.5M Stake in Laureate Education
21 Dec
Summary
- Formula Growth acquired 111,000 Laureate Education shares.
- The investment is valued at $3.5 million as of November 13.
- Laureate Education shares are up 86% over the past year.
Montreal-based Formula Growth has recently established a new position in Laureate Education (NASDAQ:LAUR). The investment, reported on November 13, involved acquiring 111,000 shares valued at approximately $3.5 million, representing about 1.25% of the fund's reportable U.S. equity assets at the end of the third quarter.
This development coincides with Laureate Education's impressive stock performance. As of the reporting date, shares were trading at $33.83, marking an 86% increase over the preceding year. This surge considerably outpaced the S&P 500's 16.5% gain during the same period, highlighting the company's strong market momentum.
Laureate Education, which provides higher education programs in business, health sciences, and engineering across Mexico, Peru, and the United States, reported solid third-quarter financials. Revenue increased 9% year-over-year to $400.2 million, with adjusted EBITDA rising to $94.8 million. The company also boasts a strong balance sheet with $241 million in cash against $102 million in debt.
