New Oriental Education & Technology Group (NYSE:EDU) Shares Down 2.8% – Here’s What Happened

New Oriental Education & Technology Group Inc. (NYSE:EDU) fell 2.8% during mid-day trading on Friday . The stock traded as low as $57.65 and last traded at $57.84. 82,683 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 1,844,221 shares. The stock had previously closed at $59.52.

Analyst Upgrades and Downgrades

EDU has been the topic of a number of analyst reports. Citigroup dropped their price objective on shares of New Oriental Education & Technology Group from $127.00 to $106.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley set a $83.00 price target on shares of New Oriental Education & Technology Group in a research note on Thursday, October 17th. Finally, StockNews.com raised shares of New Oriental Education & Technology Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th.

New Oriental Education & Technology Group Trading Down 2.6 %

The company has a market cap of $9.84 billion, a price-to-earnings ratio of 25.44 and a beta of 0.49. The stock has a 50-day simple moving average of $65.23 and a 200-day simple moving average of $69.95.

New Oriental Education & Technology Group (NYSE:EDU) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.27. New Oriental Education & Technology Group had a return on equity of 9.43% and a net margin of 8.38%. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the previous year, the business earned $0.99 EPS. The company’s quarterly revenue was up 30.5% compared to the same quarter last year. As a group, research analysts expect that New Oriental Education & Technology Group Inc. will post 2.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in New Oriental Education & Technology Group by 14.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company’s stock worth $126,000 after buying an additional 206 shares during the period. Beverly Hills Private Wealth LLC raised its position in New Oriental Education & Technology Group by 5.7% during the second quarter. Beverly Hills Private Wealth LLC now owns 4,192 shares of the company’s stock valued at $326,000 after buying an additional 227 shares during the period. Profund Advisors LLC grew its position in New Oriental Education & Technology Group by 1.4% during the second quarter. Profund Advisors LLC now owns 17,293 shares of the company’s stock valued at $1,344,000 after purchasing an additional 231 shares in the last quarter. QRG Capital Management Inc. boosted its position in New Oriental Education & Technology Group by 7.4% during the second quarter. QRG Capital Management Inc. now owns 3,666 shares of the company’s stock valued at $285,000 after purchasing an additional 254 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in New Oriental Education & Technology Group in the 2nd quarter worth about $43,000.

New Oriental Education & Technology Group Company Profile

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 four segments: Educational Services and Test Preparation Courses; Online Education and Other Services; Overseas Study Consulting Services; and Educational Materials and Distribution.