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

New Oriental Education & Technology Group Inc. (NYSE:EDU) shares gapped down prior to trading 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 traded.

Wall Street Analysts Forecast Growth

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

New Oriental Education & Technology Group Stock Down 2.5 %

The company’s 50-day moving average is $50.31 and its two-hundred day moving average is $59.00. The company has a market capitalization of $7.87 billion, a P/E ratio of 19.73 and a beta of 0.47.

Institutional Trading of New Oriental Education & Technology Group

A number of hedge funds have recently made changes to their positions in the stock. Aspex Management HK Ltd raised its position in New Oriental Education & Technology Group by 56.8% during the fourth quarter. Aspex Management HK Ltd now owns 7,454,906 shares of the company’s stock valued at $478,456,000 after purchasing an additional 2,701,566 shares in the last quarter. FMR LLC boosted its stake in New Oriental Education & Technology Group by 46.3% in the fourth quarter. FMR LLC now owns 4,539,678 shares of the company’s stock worth $291,357,000 after buying an additional 1,437,656 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in New Oriental Education & Technology Group by 61.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,894,541 shares of the company’s stock valued at $249,952,000 after acquiring an additional 1,480,391 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of New Oriental Education & Technology Group by 17.2% during the fourth quarter. Schroder Investment Management Group now owns 3,019,859 shares of the company’s stock worth $193,815,000 after acquiring an additional 442,656 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of New Oriental Education & Technology Group by 175.4% in the 4th quarter. JPMorgan Chase & Co. now owns 2,276,762 shares of the company’s stock worth $146,123,000 after acquiring an additional 1,449,979 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.