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

New Oriental Education & Technology Group Inc. (NYSE:EDU)’s share price 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.

Analysts Set New Price Targets

A number of equities analysts have weighed in on EDU shares. Morgan Stanley set a $83.00 target price on 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 note on Thursday, October 24th.

New Oriental Education & Technology Group Price Performance

The stock’s fifty day moving average is $60.89 and its 200-day moving average is $66.88. The stock has a market capitalization of $10.54 billion, a PE ratio of 26.53 and a beta of 0.46.

New Oriental Education & Technology Group (NYSE:EDU) last released its earnings results on Wednesday, October 23rd. The company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 8.38% and a return on equity of 9.43%. The business’s revenue was up 30.5% on a year-over-year basis. During the same period last year, the company posted $0.99 EPS. On average, analysts forecast that New Oriental Education & Technology Group Inc. will post 2.94 EPS for the current year.

Hedge Funds Weigh In On New Oriental Education & Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC purchased a new position in shares of New Oriental Education & Technology Group in the 2nd quarter valued at about $50,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in New Oriental Education & Technology Group by 14.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company’s stock valued at $126,000 after purchasing an additional 206 shares in the last quarter. Blue Trust Inc. grew its stake in New Oriental Education & Technology Group by 155.5% in the 3rd quarter. Blue Trust Inc. now owns 2,052 shares of the company’s stock worth $160,000 after acquiring an additional 1,249 shares during the period. Hancock Whitney Corp acquired a new position in New Oriental Education & Technology Group in the second quarter valued at $212,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in New Oriental Education & Technology Group during the third quarter worth about $297,000.

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.