New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Down - Here's What Happened

Key Points

• New Oriental stock gapped down pre-market, sliding about 5.3% — prior close $56.46, open $54.29 and last traded $53.4650 on volume ~122,073 shares.
• Analysts carry a consensus rating of Moderate Buy with a $65.84 average price target; coverage is mixed (1 Strong Buy, 4 Buy, 3 Hold) and recent actions include a Zacks downgrade and upgrades from HSBC, China Renaissance and Wall Street Zen.
• The company has a market cap of ~$8.45 billion, a P/E of 22.67 and PEG of 0.97, with a low beta (0.32) and 50-/200-day moving averages around $56.83 and $55.94 respectively.

New Oriental Education & Technology Group, Inc. (NYSE:EDU - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $56.46, but opened at $54.29. New Oriental Education & Technology Group shares last traded at $53.4650, with a volume of 122,073 shares traded.

Analyst Ratings Changes

A number of research firms have weighed in on EDU. Zacks Research lowered New Oriental Education & Technology Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. China Renaissance raised New Oriental Education & Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 29th. HSBC upgraded New Oriental Education & Technology Group from a "hold" rating to a "buy" rating in a research report on Wednesday, January 28th. Weiss Ratings restated a "hold (c+)" rating on shares of New Oriental Education & Technology Group in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded New Oriental Education & Technology Group from a "hold" rating to a "buy" rating in a research report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.84.

New Oriental Education & Technology Group Stock Down 5.3%

The company has a market cap of $8.45 billion, a PE ratio of 22.67, a P/E/G ratio of 0.97 and a beta of 0.32. The stock has a 50-day simple moving average of $56.83 and a 200 day simple moving average of $55.94.

Institutional Investors Weigh In On New Oriental Education & Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the company. TD Waterhouse Canada Inc. raised its holdings in shares of New Oriental Education & Technology Group by 2.5% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 9,108 shares of the company's stock valued at $485,000 after buying an additional 218 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of New Oriental Education & Technology Group by 2.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 12,922 shares of the company's stock valued at $686,000 after buying an additional 300 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of New Oriental Education & Technology Group by 10.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,372 shares of the company's stock valued at $186,000 after buying an additional 324 shares during the period. Vident Advisory LLC boosted its stake in shares of 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 valued at $327,000 after buying an additional 449 shares during the period. Finally, Ieq Capital LLC boosted its position in shares of New Oriental Education & Technology Group by 11.5% during the 4th quarter. Ieq Capital LLC now owns 4,760 shares of the company's stock worth $262,000 after acquiring an additional 492 shares in the last quarter.

About New Oriental Education & Technology Group

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.

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