New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Down – Here’s Why

New Oriental Education & Technology Group Inc. (NYSE:EDU)’s share price gapped down prior to trading on Monday . The stock had previously closed at $50.20, but opened at $47.18. New Oriental Education & Technology Group shares last traded at $47.08, with a volume of 394,991 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $50.00 in a research report on Wednesday, January 22nd. StockNews.com lowered shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, March 13th. Citigroup downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $83.00 to $50.00 in a research note on Friday, January 24th. China Renaissance downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Morgan Stanley downgraded shares of New Oriental Education & Technology Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $83.00 to $52.00 in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.20.

New Oriental Education & Technology Group Trading Down 6.5 %

The stock has a market capitalization of $7.96 billion, a P/E ratio of 19.97 and a beta of 0.47. The stock’s 50 day simple moving average is $50.80 and its 200 day simple moving average is $59.20.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in shares of New Oriental Education & Technology Group by 192.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 826,783 shares of the company’s stock worth $62,703,000 after buying an additional 543,810 shares during the last quarter. Monolith Management Ltd acquired a new stake in shares of New Oriental Education & Technology Group in the 3rd quarter worth about $15,168,000. Massachusetts Financial Services Co. MA increased its stake in New Oriental Education & Technology Group by 12.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 99,858 shares of the company’s stock valued at $7,573,000 after buying an additional 11,423 shares during the period. Public Employees Retirement System of Ohio acquired a new position in New Oriental Education & Technology Group during the 3rd quarter valued at about $27,425,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in New Oriental Education & Technology Group by 49.2% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 180,151 shares of the company’s stock valued at $13,663,000 after buying an additional 59,429 shares during the period.

About New Oriental Education & Technology Group

New Oriental Education & Technology Group, Inc is a holding company, which engages in the provision of private educational services. It operates through the following segments: Educational Services and Test Preparation Courses, Private Label Products and Livestreaming E-Commerce, Overseas Study Consulting Services, and Educational Materials and Distribution.