New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Down - Here's What Happened

New Oriental Education & Technology Group Inc. (NYSE:EDU - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $48.08, but opened at $46.93. New Oriental Education & Technology Group shares last traded at $46.91, with a volume of 277,888 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on EDU shares. JPMorgan Chase & Co. cut New Oriental Education & Technology Group from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $85.00 to $50.00 in a research note on Wednesday, January 22nd. Morgan Stanley lowered New Oriental Education & Technology Group from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $83.00 to $52.00 in a research report on Wednesday, January 22nd. Citigroup downgraded shares of New Oriental Education & Technology Group from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $83.00 to $50.00 in a research report on Friday, January 24th. Finally, Macquarie cut shares of New Oriental Education & Technology Group from an "outperform" rating to an "underperform" rating and cut their price target for the company from $79.00 to $44.00 in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $61.20.

New Oriental Education & Technology Group Stock Performance

The firm has a market capitalization of $7.77 billion, a P/E ratio of 19.50 and a beta of 0.42. The stock has a fifty day moving average price of $54.97 and a two-hundred day moving average price of $60.89.

Institutional Trading of New Oriental Education & Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of EDU. GeoWealth Management LLC boosted its holdings in shares of New Oriental Education & Technology Group by 258.5% in the 4th quarter. GeoWealth Management LLC now owns 441 shares of the company's stock valued at $28,000 after buying an additional 318 shares during the period. Westpac Banking Corp acquired a new position in New Oriental Education & Technology Group in the fourth quarter valued at approximately $45,000. SBI Securities Co. Ltd. acquired a new position in New Oriental Education & Technology Group in the fourth quarter valued at approximately $51,000. Natixis raised its position in shares of New Oriental Education & Technology Group by 39.2% during the 4th quarter. Natixis now owns 881 shares of the company's stock worth $57,000 after purchasing an additional 248 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of New Oriental Education & Technology Group by 14.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,658 shares of the company's stock worth $126,000 after purchasing an additional 206 shares during the last quarter.

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.

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