New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Down – Time to Sell?

New Oriental Education & Technology Group, Inc. (NYSE:EDU)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $57.99, but opened at $53.04. New Oriental Education & Technology Group shares last traded at $50.79, with a volume of 1,841,565 shares changing hands.

Wall Street Analysts Forecast Growth

EDU has been the topic of several recent research reports. Weiss Ratings downgraded New Oriental Education & Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. New Street Research set a $56.50 price target on New Oriental Education & Technology Group in a research note on Thursday, July 30th. Finally, Wall Street Zen cut shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, New Oriental Education & Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $60.75.

New Oriental Education & Technology Group Trading Down 1.1%

The stock has a market cap of $7.53 billion, a PE ratio of 15.18, a P/E/G ratio of 0.54 and a beta of 0.19. The company’s 50 day moving average is $56.97 and its 200-day moving average is $54.30.

Insider Buying and Selling

In other New Oriental Education & Technology Group news, Director Yue Zhuge sold 1,600 shares of the company’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 transaction, the director directly owned 2,000 shares of the company’s stock, valued at $119,100. This represents a 44.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Chenggang Zhou sold 56,948 shares of the company’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 transaction, the director directly owned 429,998 shares in the company, valued at approximately $24,436,786.34. The trade was a 11.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 71,600 shares of company stock valued at $4,066,723. 15.50% of the stock is owned by insiders.

Institutional Trading of New Oriental Education & Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in EDU. AIA Group Ltd lifted its position in shares of New Oriental Education & Technology Group by 185.2% during the first quarter. AIA Group Ltd now owns 93,342 shares of the company’s stock worth $5,286,000 after purchasing an additional 60,611 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of New Oriental Education & Technology Group in the 1st quarter worth approximately $18,528,000. Aubrey Capital Management Ltd bought a new position in New Oriental Education & Technology Group during the first quarter worth $9,888,000. Ninety One UK Ltd acquired a new position in New Oriental Education & Technology Group in the third quarter worth $92,628,000. Finally, Ninety One North America Inc. acquired a new position in New Oriental Education & Technology Group in the third quarter worth $21,740,000.

About New Oriental Education & Technology Group

New Oriental Education & Technology Group Inc (NYSE: EDU) is a China-based education services provider founded in 1993 by Michael Minhong Yu. The company operates schools, learning centers and online platforms that serve students, families and adult learners across China.

Its offerings have historically included test preparation for examinations such as the TOEFL, IELTS and other standardized tests; overseas study consulting; language training; educational services for primary and secondary students; adult and vocational education; and educational technology.