We recently published an article entitled Why These 10 Stocks Jumped Yesterday. In this article, we are going to take a look at where Geo Group Inc. (NYSE:GEO) stands against the other stocks that jumped yesterday.

Broader indices haven't been performing very well since the Fed's not so surprise revelation about the number of expected cuts in 2025. Nevertheless, several stocks on Thursday posted notable gains.

Security guards in uniforms patrolling an area, standing for the company's safe and secure facilities.

Geo Group Inc. (NYSE:GEO)

Geo Group (GEO), a publicly listed corporation investing in private prisons and mental health facilities across the United States, Australia, South Africa, and the United Kingdom, ended Thursday’s trading stronger by 6.18 percent to close at $28 apiece.

Investors took heart from news that the company is set to invest $70 million to enhance its service offerings to the US Immigration and Customs Enforcement (ICE).

Geo Group (GEO), currently the largest provider to ICE, operates approximately 21,000 detention beds at 16 ICE Processing Centers.

Alongside its investment announcement, Geo disclosed several executive leadership transitions as its chief executive officer (CEO), Brian Evans, is set to retire by the end of the year.

Evans will be replaced by J. David Donahue as the company’s CEO starting January 1, 2025.

Donahue has over 40 years of experience in the corrections and detention industry and has held various senior roles, including his prior service as the Vice President of the American Correctional Association.

Overall GEO ranks 7th on our list of the stocks that jumped yesterday. While we acknowledge the potential of GEO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GEO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.