New Oriental Education & Technology Group (NYSE:EDU) Stock Price Up 10.6% – Here’s What Happened

New Oriental Education & Technology Group, Inc. (NYSE:EDU)’s share price shot up 10.6% during mid-day trading on Wednesday . The stock traded as high as $55.55 and last traded at $56.1810. Approximately 141,511 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 790,706 shares. The stock had previously closed at $50.79.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of New Oriental Education & Technology Group in a research report on Tuesday, July 21st. The Goldman Sachs Group upgraded shares of New Oriental Education & Technology Group from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $67.00 to $65.00 in a research report on Thursday, June 11th. Finally, New Street Research set a $65.00 price objective on shares of New Oriental Education & Technology Group in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.24.

New Oriental Education & Technology Group Stock Up 13.3%

The company’s fifty day moving average price is $47.27 and its 200-day moving average price is $53.11. The stock has a market capitalization of $9.09 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 0.69 and a beta of 0.19.

New Oriental Education & Technology Group (NYSE:EDU) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $0.10 earnings per share (EPS) for the quarter. The firm had revenue of $1.42 billion during the quarter. New Oriental Education & Technology Group had a return on equity of 11.67% and a net margin of 7.82%. Equities research analysts anticipate that New Oriental Education & Technology Group, Inc. will post 3.14 earnings per share for the current year.

Institutional Investors Weigh In On New Oriental Education & Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of New Oriental Education & Technology Group by 7,314.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 519 shares of the company’s stock valued at $28,000 after buying an additional 512 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of New Oriental Education & Technology Group by 106.9% in the first quarter. EverSource Wealth Advisors LLC now owns 540 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the period. Atlas Capital Advisors Inc. purchased a new stake in New Oriental Education & Technology Group during the fourth quarter valued at $72,000. Raymond James Financial Inc. purchased a new stake in New Oriental Education & Technology Group during the second quarter valued at $111,000. Finally, Leonteq Securities AG purchased a new stake in New Oriental Education & Technology Group during the fourth quarter valued at $155,000.

New Oriental Education & Technology Group Company Profile

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.