New Oriental Education & Technology Group (NYSE:EDU) Shares Up 3.6% – Here’s What Happened

New Oriental Education & Technology Group Inc. (NYSE:EDU) shot up 3.6% during mid-day trading on Tuesday . The company traded as high as $53.35 and last traded at $52.62. 500,207 shares changed hands during trading, a decline of 71% from the average session volume of 1,745,364 shares. The stock had previously closed at $50.80.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EDU. JPMorgan Chase & Co. cut shares of New Oriental Education & Technology Group from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $50.00 in a research report on Wednesday, January 22nd. Macquarie cut shares of New Oriental Education & Technology Group from an “outperform” rating to an “underperform” rating and decreased their target price for the company from $79.00 to $44.00 in a research report on Wednesday, January 22nd. StockNews.com cut shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research report on Thursday, March 13th. Morgan Stanley cut 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 report on Wednesday, January 22nd. Finally, Citigroup cut 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 report on Friday, January 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $61.20.

New Oriental Education & Technology Group Price Performance

The stock’s fifty day simple moving average is $51.27 and its 200-day simple moving average is $59.34. The firm has a market cap of $8.94 billion, a PE ratio of 22.41 and a beta of 0.47.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GeoWealth Management LLC raised its holdings in shares of New Oriental Education & Technology Group by 258.5% in the fourth quarter. GeoWealth Management LLC now owns 441 shares of the company’s stock worth $28,000 after buying an additional 318 shares during the last quarter. Westpac Banking Corp purchased a new position in shares of New Oriental Education & Technology Group in the fourth quarter worth $45,000. SBI Securities Co. Ltd. purchased a new position in shares of New Oriental Education & Technology Group in the fourth quarter worth $51,000. Natixis raised its holdings in shares of New Oriental Education & Technology Group by 39.2% in the fourth quarter. Natixis now owns 881 shares of the company’s stock worth $57,000 after buying an additional 248 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of New Oriental Education & Technology Group by 14.2% during the third 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.