New Oriental Education & Technology Group, Inc. $EDU Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its New Oriental Education & Technology stake by 72.7% in the first quarter, selling 1.12 million shares and retaining 421,185 shares valued at approximately $23.9 million.
• EDU shares opened at $53.12, with a market capitalization of $8.39 billion and a 52-week range of $44.25 to $64.97. Insiders also sold 72,170 shares worth about $4.1 million during the latest quarter.
• Analyst sentiment remains a “Moderate Buy,” with one Strong Buy, five Buy, and two Hold ratings; the consensus price target is $64.54, although some firms recently downgraded the stock or lowered their targets.

Bank of America Corp DE reduced its stake in shares of New Oriental Education & Technology Group, Inc. (NYSE:EDU - Free Report) by 72.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 421,185 shares of the company's stock after selling 1,123,681 shares during the quarter. Bank of America Corp DE owned 0.27% of New Oriental Education & Technology Group worth $23,852,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EDU. EverSource Wealth Advisors LLC grew its position in New Oriental Education & Technology Group by 106.9% in the first quarter. EverSource Wealth Advisors LLC now owns 540 shares of the company's stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in New Oriental Education & Technology Group by 10.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,372 shares of the company's stock worth $186,000 after buying an additional 324 shares during the period. Vident Advisory LLC lifted its holdings in New Oriental Education & Technology Group by 8.2% in the 4th quarter. Vident Advisory LLC now owns 5,939 shares of the company's stock worth $327,000 after buying an additional 449 shares in the last quarter. Ieq Capital LLC lifted its holdings in New Oriental Education & Technology Group by 11.5% in the 4th quarter. Ieq Capital LLC now owns 4,760 shares of the company's stock worth $262,000 after buying an additional 492 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in New Oriental Education & Technology Group by 7,314.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 519 shares of the company's stock worth $28,000 after buying an additional 512 shares in the last quarter.

New Oriental Education & Technology Group Price Performance

Shares of EDU stock opened at $53.12 on Tuesday. The firm has a market cap of $8.39 billion, a P/E ratio of 17.95, a P/E/G ratio of 0.56 and a beta of 0.24. New Oriental Education & Technology Group, Inc. has a 1-year low of $44.25 and a 1-year high of $64.97. The firm has a fifty day moving average of $49.86 and a two-hundred day moving average of $53.06.

Insider Activity at New Oriental Education & Technology Group

In other news, Director Yue Zhuge sold 1,600 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $59.55, for a total value of $95,280.00. Following the completion of the sale, the director directly owned 2,000 shares in the company, valued at approximately $119,100. The trade was a 44.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chenggang Zhou sold 56,948 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $56.83, for a total value of $3,236,354.84. Following the completion of the sale, the director owned 429,998 shares of the company's stock, valued at $24,436,786.34. This trade represents a 11.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 72,170 shares of company stock valued at $4,100,348. Insiders own 15.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EDU. Wall Street Zen downgraded New Oriental Education & Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. New Street Research set a $56.50 price target on New Oriental Education & Technology Group in a research note on Thursday, July 30th. The Goldman Sachs Group raised New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating and reduced their price target for the company from $67.00 to $65.00 in a report on Thursday, June 11th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of New Oriental Education & Technology Group in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $64.54.

New Oriental Education & Technology Group Profile

New Oriental Education & Technology Group NYSE: EDU is one of China's leading providers of private educational services, specializing in language training, test preparation and consulting for overseas study. The company's offerings span a range of subjects, including English language instruction, preparatory courses for examinations such as the TOEFL, GRE and GMAT, and K-12 after-school tutoring. New Oriental's curriculum is delivered through a combination of in-person learning centers and digital platforms, enabling students across various regions to access its educational resources.

Founded in 1993 by Michael Yu Minhong in Beijing, New Oriental began as a small language school and quickly expanded its footprint.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source