New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Up to $29.22

Shares of New Oriental Education & Technology Group Inc. (NYSE:EDU – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $29.22, but opened at $30.68. New Oriental Education & Technology Group shares last traded at $31.89, with a volume of 28,245 shares changing hands.

Analyst Ratings Changes

EDU has been the topic of several analyst reports. The Street lowered shares of New Oriental Education & Technology Group from a “c-” rating to a “d” rating in a research report on Monday, November 21st. StockNews.com began coverage on shares of New Oriental Education & Technology Group in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. One equity research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

New Oriental Education & Technology Group Price Performance

The company’s 50-day moving average price is $26.04 and its 200-day moving average price is $23.69.

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New Oriental Education & Technology Group (NYSE:EDU – Get Rating) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $0.38 earnings per share for the quarter. The business had revenue of $744.80 million during the quarter, compared to analysts’ expectations of $689.08 million. New Oriental Education & Technology Group’s quarterly revenue was down 43.1% compared to the same quarter last year. Sell-side analysts forecast that New Oriental Education & Technology Group Inc. will post 0.48 EPS for the current year.

Hedge Funds Weigh In On New Oriental Education & Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of EDU. Eaton Vance Management raised its stake in New Oriental Education & Technology Group by 306.7% during the first quarter. Eaton Vance Management now owns 22,543 shares of the company’s stock worth $26,000 after purchasing an additional 17,000 shares during the period. Quadrant Capital Group LLC purchased a new position in New Oriental Education & Technology Group during the second quarter worth about $42,000. Royal Bank of Canada raised its stake in New Oriental Education & Technology Group by 13.6% during the first quarter. Royal Bank of Canada now owns 44,215 shares of the company’s stock worth $51,000 after purchasing an additional 5,299 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in New Oriental Education & Technology Group by 18.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 47,823 shares of the company’s stock worth $55,000 after purchasing an additional 7,300 shares during the period. Finally, Signaturefd LLC raised its stake in New Oriental Education & Technology Group by 45.6% during the third quarter. Signaturefd LLC now owns 2,933 shares of the company’s stock worth $70,000 after purchasing an additional 918 shares during the period. 45.81% of the stock is owned by hedge funds and other institutional investors.

New Oriental Education & Technology Group Company Profile

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New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People’s Republic of China. The company operates through Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Others segments.

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