Bleecker Street's Short Position on Perdoceo Education Claims Fraud
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 17 2025
0mins
Should l Buy PRDO?
Bleecker Street's Allegations: Funds managed by Bleecker Street are short Perdoceo Education Corporation (PRDO), claiming that increased enrollments and retention rates are linked to enrollment fraud by criminal networks, which is a widespread issue in the education sector.
Impact of Fraud on Revenue: The firm estimates that ghost student fraud accounts for approximately 8% of PRDO's revenue and 34% of its operating income, based on industry expert estimates of potential ghost student enrollment.
Other Companies Targeted: In addition to PRDO, Bleecker Street is also short on American Public Education (APEI), Grand Canyon Education (LOPE), and Strategic Education (STRA), as mentioned in their report.
Widespread Issue: The report highlights that enrollment fraud is not an isolated incident but a significant problem affecting multiple companies within the education industry.
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Analyst Views on PRDO
Wall Street analysts forecast PRDO stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 37.210
Low
42.00
Averages
42.00
High
42.00
Current: 37.210
Low
42.00
Averages
42.00
High
42.00
About PRDO
Perdoceo Education Corporation, through its academic institutions, offers quality postsecondary education primarily online to a diverse student population, along with campus-based and blended learning programs. Its academic institutions include Colorado Technical University (CTU), the American InterContinental University System (AIUS), and University of St. Augustine for Health Sciences (USAHS), which provides degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Its academic institutions offer students industry-relevant and career-focused academic programs. CTU offers academic programs in the career-oriented disciplines of business and management, nursing, healthcare management, computer science, engineering, information systems and technology, cybersecurity and criminal justice, and others. AIUS offers academic programs in the career-oriented disciplines of business studies, information technologies, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Perdoceo Education CFO Sells Shares Amid Strong Performance
- Sale Overview: Perdoceo Education CFO Ashish R Ghia sold 33,271 shares of common stock on March 18, 2026, for approximately $1.2 million, indicating a strategic approach to capital management amidst rising stock prices.
- Impact on Holdings: This transaction accounted for 17.61% of Ghia's direct common stock holdings, leaving him with 155,691 shares, which reflects a continued strong commitment to the company's future despite the sale.
- Financial Performance Highlights: Perdoceo Education achieved about a 50% total return over the past year, with revenues reaching $846.1 million and net income nearing $160 million for the fiscal year 2026, showcasing robust growth and improved profitability in the online education sector.
- Capital Allocation Strategy: The company repurchased $120.8 million in stock last year and authorized an additional $100 million buyback program while maintaining a 2% dividend yield, demonstrating a proactive stance on capital allocation aimed at enhancing shareholder value.
See More
Perdoceo Education CFO Sells 33,271 Shares for $1.17 Million
- Insider Selling: Perdoceo Education CFO Ashish R Ghia sold 33,271 shares on March 18, 2026, for approximately $1.17 million, indicating a structured selling pattern following a significant stock price increase.
- Strong Financial Performance: The company reported a 24% revenue increase to about $846 million for the fiscal year 2025, with operating income reaching $196 million and net income nearly $160 million, showcasing its competitive edge in the online education market.
- Capital Allocation Strategy: Perdoceo repurchased $120.8 million in stock last year and authorized an additional $100 million buyback program while maintaining dividends, reflecting a proactive approach to capital management.
- Market Competition Context: While insider selling is viewed as tactical, analysts emphasize the importance of monitoring whether management can sustain double-digit profit growth amidst ongoing earnings increases and rising enrollment figures.
See More
Perdoceo Education CEO Todd Nelson Sells Shares Worth $1.79 Million
- Insider Trading Activity: Todd Nelson, CEO of Perdoceo Education, sold 51,346 shares on March 16 and 17, 2026, for approximately $1.79 million at a weighted average price of $34.89 per share, indicating strong insider confidence in the company's prospects.
- Ownership Impact: This transaction represented 10.61% of Nelson's direct holdings at the time, highlighting his significant stake in the company and potentially influencing market perceptions of the stock.
- Strong Financial Performance: Perdoceo reported a 24.20% year-over-year increase in annual revenue for Q4 of fiscal year 2025, marking the first double-digit growth in recent history, which underscores the company's competitive strength in the education sector.
- Positive Market Trends: As of March 21, 2026, Perdoceo's stock has risen by 17.83%, following four consecutive years of gains, reflecting investor optimism regarding the company's future growth trajectory.
See More
Perdoceo Education CEO Sells 51,346 Shares in Market Transactions
- Insider Selling Activity: Todd S. Nelson, CEO of Perdoceo Education, sold 51,346 shares in open-market transactions on March 16 and 17, 2026, totaling approximately $1.8 million, indicating a strategic move by executives during a period of rising stock prices.
- Transaction Context: This sale was executed under a Rule 10b5-1 trading plan, and prior to this, 91,787 shares were withheld for tax obligations on March 14, reflecting the balance between tax management and equity changes by insiders.
- Company Financial Performance: Perdoceo reported a 24.20% year-over-year increase in annual revenue in its Q4 fiscal 2025 earnings, marking the first double-digit growth in recent history, showcasing the company's strong performance and growth potential in the education market.
- Market Reaction and Outlook: As of March 21, 2026, Perdoceo's stock has risen by 17.83%, continuing a four-year growth trend, which reflects investor confidence in the company's future despite potential concerns over insider selling activities.
See More
Perdoceo Education Declares Quarterly Dividend of $0.15
- Quarterly Dividend Announcement: Perdoceo Education has declared a quarterly dividend of $0.15 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is expected to bolster investor confidence.
- Dividend Yield: The forward yield of 1.84% reflects the company's attractiveness in the current market environment, potentially drawing in more investors seeking stable income.
- Future Earnings Outlook: Perdoceo Education anticipates adjusted operating income of up to $263 million in 2026, indicating a proactive strategy in expanding enrollments and its repurchase program aimed at driving long-term growth.
- Financial Performance Exceeds Expectations: The company reported a non-GAAP EPS of $0.59, beating expectations by $0.05, while revenue reached $211.6 million, exceeding forecasts by $1.65 million, showcasing its competitive edge and operational efficiency.
See More
Perdoceo Education Corporation Q4 2025 Earnings Highlights
- Significant Revenue Growth: Perdoceo Education Corporation reported full-year revenue of $846.1 million for 2025, a 24.2% increase, with Q4 revenue reaching $211.6 million, up 20% year-over-year, indicating strong market performance and sustained demand.
- Increase in Student Enrollment: Total student enrollments grew by 7.3% in 2025, with AIUS up 11.2% and CTU up 6.6%, demonstrating effective strategies in attracting new students and increasing market recognition.
- Shareholder Return Strategy: The Board approved a new share repurchase authorization of up to $100 million, with $157.6 million returned to shareholders in 2025 through buybacks and dividends, reflecting confidence in future cash flows and enhancing shareholder value.
- Optimistic Future Outlook: Management expects adjusted operating income for 2026 to range between $250 million and $263 million, indicating growth compared to 2025, which reflects strong confidence in new program rollouts and continued organic growth.
See More
Perdoceo Education CFO Sells Shares Amid Strong Performance
- Sale Overview: Perdoceo Education CFO Ashish R Ghia sold 33,271 shares of common stock on March 18, 2026, for approximately $1.2 million, indicating a strategic approach to capital management amidst rising stock prices.
- Impact on Holdings: This transaction accounted for 17.61% of Ghia's direct common stock holdings, leaving him with 155,691 shares, which reflects a continued strong commitment to the company's future despite the sale.
- Financial Performance Highlights: Perdoceo Education achieved about a 50% total return over the past year, with revenues reaching $846.1 million and net income nearing $160 million for the fiscal year 2026, showcasing robust growth and improved profitability in the online education sector.
- Capital Allocation Strategy: The company repurchased $120.8 million in stock last year and authorized an additional $100 million buyback program while maintaining a 2% dividend yield, demonstrating a proactive stance on capital allocation aimed at enhancing shareholder value.
See More
Perdoceo Education CFO Sells 33,271 Shares for $1.17 Million
- Insider Selling: Perdoceo Education CFO Ashish R Ghia sold 33,271 shares on March 18, 2026, for approximately $1.17 million, indicating a structured selling pattern following a significant stock price increase.
- Strong Financial Performance: The company reported a 24% revenue increase to about $846 million for the fiscal year 2025, with operating income reaching $196 million and net income nearly $160 million, showcasing its competitive edge in the online education market.
- Capital Allocation Strategy: Perdoceo repurchased $120.8 million in stock last year and authorized an additional $100 million buyback program while maintaining dividends, reflecting a proactive approach to capital management.
- Market Competition Context: While insider selling is viewed as tactical, analysts emphasize the importance of monitoring whether management can sustain double-digit profit growth amidst ongoing earnings increases and rising enrollment figures.
See More
Perdoceo Education CEO Todd Nelson Sells Shares Worth $1.79 Million
- Insider Trading Activity: Todd Nelson, CEO of Perdoceo Education, sold 51,346 shares on March 16 and 17, 2026, for approximately $1.79 million at a weighted average price of $34.89 per share, indicating strong insider confidence in the company's prospects.
- Ownership Impact: This transaction represented 10.61% of Nelson's direct holdings at the time, highlighting his significant stake in the company and potentially influencing market perceptions of the stock.
- Strong Financial Performance: Perdoceo reported a 24.20% year-over-year increase in annual revenue for Q4 of fiscal year 2025, marking the first double-digit growth in recent history, which underscores the company's competitive strength in the education sector.
- Positive Market Trends: As of March 21, 2026, Perdoceo's stock has risen by 17.83%, following four consecutive years of gains, reflecting investor optimism regarding the company's future growth trajectory.
See More
Perdoceo Education CEO Sells 51,346 Shares in Market Transactions
- Insider Selling Activity: Todd S. Nelson, CEO of Perdoceo Education, sold 51,346 shares in open-market transactions on March 16 and 17, 2026, totaling approximately $1.8 million, indicating a strategic move by executives during a period of rising stock prices.
- Transaction Context: This sale was executed under a Rule 10b5-1 trading plan, and prior to this, 91,787 shares were withheld for tax obligations on March 14, reflecting the balance between tax management and equity changes by insiders.
- Company Financial Performance: Perdoceo reported a 24.20% year-over-year increase in annual revenue in its Q4 fiscal 2025 earnings, marking the first double-digit growth in recent history, showcasing the company's strong performance and growth potential in the education market.
- Market Reaction and Outlook: As of March 21, 2026, Perdoceo's stock has risen by 17.83%, continuing a four-year growth trend, which reflects investor confidence in the company's future despite potential concerns over insider selling activities.
See More
Perdoceo Education Declares Quarterly Dividend of $0.15
- Quarterly Dividend Announcement: Perdoceo Education has declared a quarterly dividend of $0.15 per share, consistent with previous distributions, indicating the company's stable cash flow and shareholder return strategy, which is expected to bolster investor confidence.
- Dividend Yield: The forward yield of 1.84% reflects the company's attractiveness in the current market environment, potentially drawing in more investors seeking stable income.
- Future Earnings Outlook: Perdoceo Education anticipates adjusted operating income of up to $263 million in 2026, indicating a proactive strategy in expanding enrollments and its repurchase program aimed at driving long-term growth.
- Financial Performance Exceeds Expectations: The company reported a non-GAAP EPS of $0.59, beating expectations by $0.05, while revenue reached $211.6 million, exceeding forecasts by $1.65 million, showcasing its competitive edge and operational efficiency.
See More
Perdoceo Education Corporation Q4 2025 Earnings Highlights
- Significant Revenue Growth: Perdoceo Education Corporation reported full-year revenue of $846.1 million for 2025, a 24.2% increase, with Q4 revenue reaching $211.6 million, up 20% year-over-year, indicating strong market performance and sustained demand.
- Increase in Student Enrollment: Total student enrollments grew by 7.3% in 2025, with AIUS up 11.2% and CTU up 6.6%, demonstrating effective strategies in attracting new students and increasing market recognition.
- Shareholder Return Strategy: The Board approved a new share repurchase authorization of up to $100 million, with $157.6 million returned to shareholders in 2025 through buybacks and dividends, reflecting confidence in future cash flows and enhancing shareholder value.
- Optimistic Future Outlook: Management expects adjusted operating income for 2026 to range between $250 million and $263 million, indicating growth compared to 2025, which reflects strong confidence in new program rollouts and continued organic growth.
See More
