California-based Global IMC fully exited its position in Adtalem Global Education (NYSE: ATGE) in the third quarter, reflecting a $6.48 million net position change. The company sold all 50,933 shares, previously accounting for 1.7% of its assets. Adtalem’s stock price was $100.60, up 14% in the past year.

Global IMC’s top holdings post-exit include NYSE: KGC, HBM, NASDAQ: TSEM, IREN, and EGO. Adtalem provides postsecondary education and workforce solutions through various institutions, generating revenue from tuition and fees. It serves students in healthcare, education, business, and public service sectors, catering to working adults and those seeking advanced credentials.

In the latest quarter, Adtalem reported revenue of $462.3 million, up 10.8% year over year, with adjusted EPS climbing 35.7% to $1.75. Total enrollment rose by 8%, and adjusted EBITDA increased by nearly 16% to $112 million. Despite these strong fundamentals, the stock crashed due to concerns of slower growth.

Global IMC’s exit from Adtalem coincided with a shift in market sentiment. The company had previously seen a surge in its stock price before experiencing a sharp downturn. The move to sell the shares aligns with the changing narrative in the market, where strong fundamentals may not always translate to stock performance.

Read more at Yahoo Finance: This Education Stock Suddenly Lost a Investor Amid a Nearly 70% Surge