Why Zovio Inc (ZVO) stock went down in the after-hours on Thursday?

Zovio Inc (ZVO) shares plunged 2.68% in after-hours on Thursday, December 23, 2021, and closed the weekly trading at $1.45. However, in the regular trading session of Thursday, ZVO’s stock gained 10.37%. ZVO shares have fallen 63.83% over the last 12 months, and they have moved up 16.41% in the past week. Over the past three months, the stock has lost 38.17%, while over the past six months, it has declined 45.02%.

Let’s discuss its latest developments briefly.

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UAGC partnership with the National Sheriffs’ Association

On December 23, 2021, The University of Arizona Global Campus (UAGC) announced a new education partnership with the National Sheriffs’ Association. The new partnership offers 35% off tuition for bachelor’s and master’s programs for qualifying members of the National Sheriffs’ Association and their immediate family members.

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The program is managed by Zovio Employer Solutions (ZES), which is an important service provided by Zovio (ZVO).

ZVO inducement grants

On December 9, 2021, Zovio Inc (ZVO) announced, the grant of inducement awards to its new CEO, Mr. Randy Hendricks, as required by Nasdaq Stock Market rules.

The Board of Directors of Zovio approved the grant of 574,138 Restricted Stock Units. In addition, Mr. Hendricks will receive the potential to earn up to an additional 1,150,000 PSUs for performance above the targeted performance metrics, all with a single vesting date in 2025.

ZVO new CEO appointment

On December 1, 2021, the board of directors of Zovio (ZVO), appointed Randy Hendricks its new Chief Executive Officer. Randy assumed the new role and joined the Zovio Board of Directors on December 6, 2021.

ZVO Tutorme partnership with Saint Paul Public School District

On November 15, 2021, TutorMe, which is a subsidiary of Zovio (ZVO) announced a partnership with Saint Paul Public School District to provide more than 33,000 K-12 students with free access to TutorMe’s online, 24/7 tutoring service for the 2021-2022 school year.

TutorMe provides immediate expertise whenever and wherever students need it, with more than 15,000 tutors available anytime to help with more than 300 subjects.

ZVO latest financial results

On October 27, 2021, Zovio Inc (ZVO), released its financial results for the three months ended September 30, 2021.

Q3 2021 financial highlights

  • ZVO reported total revenue of $62.2 million for the third quarter of 2021 compared to $102.2 million for the third quarter of 2020.
  • Total cost and expenses were $67.32 million in Q3 2021 compared to $101.5 million in Q3 2020.
  • It suffered a net loss of $5.2 million in Q3 2021, compared with a net income of $1.1 million in Q3 2020.
  • Diluted loss per share was $0.16 for Q3 2021 compared with diluted income per share of $0.03for Q3 2020.
  • The company ended the third quarter with cash and cash equivalents of $31.6 million compared to $35.5 million as of December 31, 2020.

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The recent partnership with the National Sheriffs’ Association was the reason behind its gains in the regular trading session on Thursday but we have no idea why did it face a decline in the after-hours session. Let’s see how it performs on Monday after the long weekend?

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