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 before the market opened on Monday . The stock had previously closed at $50.20, but opened at $47.18. New Oriental Education & Technology Group shares last traded at $47.08, with a volume of 394,991 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EDU shares. JPMorgan Chase & Co. lowered 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. Citigroup lowered shares of New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $83.00 to $50.00 in a report on Friday, January 24th. Macquarie lowered shares of New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $79.00 to $44.00 in a report on Wednesday, January 22nd. China Renaissance lowered shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a report on Monday. Finally, Morgan Stanley lowered shares of New Oriental Education & Technology Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $83.00 to $52.00 in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $61.20.

New Oriental Education & Technology Group Stock Down 6.5 %

The stock has a market cap of $7.96 billion, a PE ratio of 19.97 and a beta of 0.47. The business’s fifty day moving average is $50.80 and its 200 day moving average is $59.20.

Hedge Funds Weigh In On New Oriental Education & Technology Group

Institutional investors have recently modified their holdings of the company. GeoWealth Management LLC raised its position in shares of New Oriental Education & Technology Group by 258.5% in the fourth quarter. GeoWealth Management LLC now owns 441 shares of the company’s stock valued at $28,000 after buying an additional 318 shares during the last quarter. Westpac Banking Corp acquired a new position in New Oriental Education & Technology Group during the fourth quarter worth approximately $45,000. SBI Securities Co. Ltd. acquired a new position in New Oriental Education & Technology Group during the fourth quarter worth approximately $51,000. Natixis increased its position in New Oriental Education & Technology Group by 39.2% during the fourth quarter. Natixis now owns 881 shares of the company’s stock worth $57,000 after purchasing an additional 248 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in New Oriental Education & Technology Group by 14.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company’s stock worth $126,000 after purchasing an additional 206 shares during the last quarter.

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.