New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Down – Here’s Why

New Oriental Education & Technology Group Inc. (NYSE:EDU) gapped down prior to trading on Thursday . The stock had previously closed at $64.18, but opened at $62.69. New Oriental Education & Technology Group shares last traded at $62.38, with a volume of 97,630 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on EDU shares. Morgan Stanley set a $83.00 price target on shares of New Oriental Education & Technology Group in a research report on Thursday, October 17th. StockNews.com raised New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th.

New Oriental Education & Technology Group Trading Up 1.7 %

The company has a market capitalization of $10.63 billion, a PE ratio of 26.77 and a beta of 0.46. The business’s 50-day simple moving average is $60.94 and its two-hundred day simple moving average is $66.77.

New Oriental Education & Technology Group (NYSE:EDU) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.27. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.45 billion. New Oriental Education & Technology Group had a return on equity of 9.43% and a net margin of 8.38%. New Oriental Education & Technology Group’s revenue for the quarter was up 30.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.99 earnings per share. On average, analysts forecast that New Oriental Education & Technology Group Inc. will post 2.94 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EDU. Victory Capital Management Inc. lifted its position in shares of New Oriental Education & Technology Group by 25.6% in the 2nd quarter. Victory Capital Management Inc. now owns 334,948 shares of the company’s stock worth $26,036,000 after buying an additional 68,321 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in New Oriental Education & Technology Group in the second quarter worth about $50,000. Thornburg Investment Management Inc. boosted its stake in New Oriental Education & Technology Group by 211.7% in the second quarter. Thornburg Investment Management Inc. now owns 553,694 shares of the company’s stock valued at $43,058,000 after acquiring an additional 376,036 shares during the period. Beverly Hills Private Wealth LLC grew its holdings in shares of New Oriental Education & Technology Group by 5.7% during the second quarter. Beverly Hills Private Wealth LLC now owns 4,192 shares of the company’s stock valued at $326,000 after purchasing an additional 227 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of New Oriental Education & Technology Group by 12.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 88,435 shares of the company’s stock worth $6,874,000 after purchasing an additional 9,658 shares during the period.

New Oriental Education & Technology Group Company Profile

New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People’s Republic of China. The company operates through four segments: Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Educational Materials and Distribution.