New Oriental Education & Technology Group (NYSE:EDU) Shares Up 3.6% – Here’s What Happened

New Oriental Education & Technology Group Inc. (NYSE:EDU)’s share price was up 3.6% during mid-day trading on Tuesday . The stock traded as high as $53.35 and last traded at $52.62. Approximately 500,207 shares traded hands during trading, a decline of 71% from the average daily volume of 1,745,364 shares. The stock had previously closed at $50.80.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on EDU shares. JPMorgan Chase & Co. cut shares of New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $50.00 in a report on Wednesday, January 22nd. StockNews.com cut shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a report on Thursday, March 13th. Macquarie cut shares of New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and reduced their target price for the stock from $79.00 to $44.00 in a report on Wednesday, January 22nd. Citigroup cut shares of New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $50.00 in a report on Friday, January 24th. Finally, Morgan Stanley lowered 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 report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, New Oriental Education & Technology Group has a consensus rating of “Hold” and a consensus price target of $61.20.

New Oriental Education & Technology Group Stock Up 0.2 %

The company has a market cap of $8.94 billion, a price-to-earnings ratio of 22.41 and a beta of 0.47. The company’s 50-day moving average is $51.27 and its 200 day moving average is $59.34.

Institutional Trading of New Oriental Education & Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of New Oriental Education & Technology Group by 192.2% in the third quarter. JPMorgan Chase & Co. now owns 826,783 shares of the company’s stock valued at $62,703,000 after purchasing an additional 543,810 shares during the period. Monolith Management Ltd acquired a new stake in shares of New Oriental Education & Technology Group in the third quarter valued at about $15,168,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of New Oriental Education & Technology Group by 3.4% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 592,564 shares of the company’s stock valued at $44,940,000 after purchasing an additional 19,401 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of New Oriental Education & Technology Group by 12.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 99,858 shares of the company’s stock valued at $7,573,000 after purchasing an additional 11,423 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of New Oriental Education & Technology Group in the third quarter valued at about $27,425,000.

New Oriental Education & Technology Group Company Profile

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.