New Oriental Education & Technology Group, Inc. (NYSE:EDU – Get Free Report) traded down 5.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $56.00 and last traded at $55.6440. 202,707 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 818,572 shares. The stock had previously closed at $59.06.
Specifically, Director Yue Zhuge sold 570 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $58.99, for a total transaction of $33,624.30. Following the sale, the director directly owned 1,600 shares in the company, valued at approximately $94,384. The trade was a 26.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yue Zhuge sold 1,600 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $59.55, for a total transaction of $95,280.00. Following the transaction, the director directly owned 2,000 shares in the company, valued at approximately $119,100. This trade represents a 44.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on EDU shares. Weiss Ratings reiterated a “hold (c)” rating on shares of New Oriental Education & Technology Group in a report on Tuesday, July 21st. New Street Research set a $56.50 target price on shares of New Oriental Education & Technology Group in a research report on Thursday, July 30th. The Goldman Sachs Group raised shares of New Oriental Education & Technology Group from a “neutral” rating to a “buy” rating and dropped their target price for the company from $67.00 to $65.00 in a report on Thursday, June 11th. Finally, Wall Street Zen downgraded shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.54.
New Oriental Education & Technology Group Trading Down 5.7%
The firm has a market cap of $8.80 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 0.62 and a beta of 0.24. The firm has a 50 day moving average price of $48.12 and a 200-day moving average price of $53.10.
Hedge Funds Weigh In On New Oriental Education & Technology Group
Several hedge funds have recently added to or reduced their stakes in EDU. Invesco Ltd. boosted its holdings in shares of New Oriental Education & Technology Group by 5,697.3% during the fourth quarter. Invesco Ltd. now owns 4,610,905 shares of the company’s stock worth $253,738,000 after purchasing an additional 4,531,370 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in New Oriental Education & Technology Group in the fourth quarter valued at $86,526,000. Federated Hermes Inc. increased its stake in New Oriental Education & Technology Group by 13,865.2% in the fourth quarter. Federated Hermes Inc. now owns 742,249 shares of the company’s stock valued at $40,846,000 after purchasing an additional 736,934 shares during the last quarter. Tiger Pacific Capital LP purchased a new position in New Oriental Education & Technology Group during the second quarter worth about $38,056,000. Finally, BRIGHT VALLEY CAPITAL Ltd acquired a new stake in New Oriental Education & Technology Group in the 4th quarter worth about $28,944,000.
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.
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