The stock is trading at an attractive forward PE of 6.87. On Aug. 13, Rodman & Renshaw reiterated a market outperform rating on the stock with a price target of $9. ChinaEdu is an educational service provider for the online degree programs of Chinese universities. The company's services include academic program development, technology services, enrollment marketing, recruiting, student support services, and finance operations. For the quarter ended June 2010, the company reported earnings of 12 cents per share, topping analysts' estimates of 8 cents per share. Revenues grew 13% year-over-year to $14.7 million. The number of students for the online degree programs during 2010 spring semester increased by about 6.8% to over 157,000 from approximately 147,000 for the corresponding period in 2009. The company is committed to continue its research and development efforts on the technology platform, Internet and mobile applications for both online degree and non-degree programs. On Aug. 20, Piper Jaffray reiterated a neutral rating on the stock with a price target of $8.
Shares of ChinaCast Education Corporation (Nasdaq:CAST) were gapping down Tuesday morning with an open price 14.3% lower than Monday's closing price. The stock closed at $5.10 yesterday and opened today's trading at $4.37.
Shares of ChinaCast Education Corporation (Nasdaq:CAST) have taken a tremendous swing upward. The stock is trading at $4.79 as of 9:30 a.m. ET, 23.4% above Monday's closing price of $3.88. Volume is at 77,282, 0.4 times the daily average of 212,500.