New Oriental Education & Technology Group Inc. (NYSE:EDU – Get Rating)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $22.04, but opened at $23.00. New Oriental Education & Technology Group shares last traded at $23.53, with a volume of 5,957 shares trading hands.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on EDU. Macquarie raised shares of New Oriental Education & Technology Group from a "neutral" rating to an "outperform" rating in a report on Thursday, July 28th. JPMorgan Chase & Co. upgraded shares of New Oriental Education & Technology Group from a "neutral" rating to an "overweight" rating in a research note on Monday, June 13th. CICC Research upgraded shares of New Oriental Education & Technology Group from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 14th. UBS Group upgraded shares of New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating in a research note on Monday, June 6th. Finally, Bank of America upgraded shares of New Oriental Education & Technology Group from a "neutral" rating to a "buy" rating and increased their price target for the company from $18.80 to $36.60 in a research note on Friday, July 29th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, New Oriental Education & Technology Group has an average rating of "Moderate Buy" and an average target price of $36.60.
Get New Oriental Education & Technology Group alerts:New Oriental Education & Technology Group Trading Up 12.7 %
The business's 50-day moving average price is $25.47 and its 200-day moving average price is $18.31.
New Oriental Education & Technology Group (NYSE:EDU – Get Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.97). The firm had revenue of $524.00 million for the quarter, compared to analyst estimates of $544.92 million. The business's revenue for the quarter was down 56.7% compared to the same quarter last year. As a group, research analysts predict that New Oriental Education & Technology Group Inc. will post 0.33 EPS for the current year.
New Oriental Education & Technology Group declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 27th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On New Oriental Education & Technology Group
Hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC purchased a new position in New Oriental Education & Technology Group in the 2nd quarter valued at $42,000. US Bancorp DE grew its position in New Oriental Education & Technology Group by 29.2% in the 2nd quarter. US Bancorp DE now owns 7,509 shares of the company's stock valued at $154,000 after buying an additional 1,696 shares during the last quarter. Legacy Wealth Asset Management LLC purchased a new position in New Oriental Education & Technology Group in the 2nd quarter valued at $206,000. Envestnet Asset Management Inc. purchased a new position in New Oriental Education & Technology Group in the 2nd quarter valued at $229,000. Finally, National Bank of Canada FI purchased a new position in New Oriental Education & Technology Group in the 2nd quarter valued at $259,000. 45.81% of the stock is currently owned by hedge funds and other institutional investors.
New Oriental Education & Technology Group Company Profile
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New Oriental Education & Technology Group Inc provides private educational services under the New Oriental brand in the People's Republic of China. It operates through K-12 AST, Test Preparation and Other Courses; Online Education; and Others segments. The company offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People's Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to enhance their exam scores, as well as for children to teach English.
Further Reading
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