IEL shares were up +5.9% on Thursday, the most in more than two months on solid volume, with ~9% of the stock held short we may have seen a little profit-taking by traders creep into the market’s recent weakness following June’s decision by Canada to allow competitors to enter the Student-Direct-Stream (SDS) component of student visas. We still need a catalyst to place IEL in our Hitlist, but it’s finding support around $20.
- We said in August that “We can see IDP testing/breaking the psychological $20 level over the coming months” – it hit $20.60, hence, we’ve migrated from neutral-bearish to simply neutral.
MM is now neutral IEL around $22
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