New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Up – What’s Next?

New Oriental Education & Technology Group Inc. (NYSE:EDU) shares gapped up prior to trading on Thursday . The stock had previously closed at $46.13, but opened at $47.75. New Oriental Education & Technology Group shares last traded at $47.02, with a volume of 988,806 shares traded.

Wall Street Analyst Weigh In

EDU has been the subject of several analyst reports. JPMorgan Chase & Co. downgraded shares of New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $50.00 in a research note on Wednesday. Morgan Stanley downgraded shares of New Oriental Education & Technology Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $83.00 to $52.00 in a research note on Wednesday. Macquarie lowered New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $79.00 to $44.00 in a research note on Wednesday. Finally, StockNews.com raised New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, New Oriental Education & Technology Group currently has a consensus rating of “Hold” and a consensus price target of $72.40.

New Oriental Education & Technology Group Price Performance

The stock has a fifty day simple moving average of $60.38 and a two-hundred day simple moving average of $65.06. The firm has a market capitalization of $7.94 billion, a P/E ratio of 19.92 and a beta of 0.44.

New Oriental Education & Technology Group (NYSE:EDU) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.27. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. New Oriental Education & Technology Group had a return on equity of 9.38% and a net margin of 8.13%. The company’s quarterly revenue was up 30.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 earnings per share. As a group, sell-side analysts expect that New Oriental Education & Technology Group Inc. will post 2.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Sei Investments Co. grew its holdings in New Oriental Education & Technology Group by 6.5% during the second quarter. Sei Investments Co. now owns 190,302 shares of the company’s stock worth $14,792,000 after buying an additional 11,622 shares in the last quarter. Hancock Whitney Corp bought a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth $212,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in shares of New Oriental Education & Technology Group during the 2nd quarter worth $15,274,000. Point72 Asset Management L.P. raised its stake in shares of New Oriental Education & Technology Group by 26.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 686,400 shares of the company’s stock worth $53,354,000 after purchasing an additional 145,200 shares during the period. Finally, Point72 Hong Kong Ltd raised its stake in shares of New Oriental Education & Technology Group by 16.6% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,380,199 shares of the company’s stock worth $107,283,000 after purchasing an additional 196,133 shares during the period.

About New Oriental Education & Technology Group

New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.