New Oriental Education & Technology Group (NYSE:EDU) Shares Gap Up – Here’s Why

New Oriental Education & Technology Group, Inc. (NYSE:EDU) gapped up before the market opened on Friday . The stock had previously closed at $55.03, but opened at $57.50. New Oriental Education & Technology Group shares last traded at $57.74, with a volume of 41,719 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on EDU shares. Bank of America increased their price objective on New Oriental Education & Technology Group from $56.20 to $58.20 and gave the company a “buy” rating in a report on Monday, September 29th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $60.00 price target on shares of New Oriental Education & Technology Group in a research note on Wednesday, October 29th. Citigroup lowered their price objective on shares of New Oriental Education & Technology Group from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, September 9th. Zacks Research raised shares of New Oriental Education & Technology Group from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of New Oriental Education & Technology Group in a report on Monday. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $59.53.

New Oriental Education & Technology Group Stock Performance

The firm has a market cap of $9.14 billion, a P/E ratio of 25.45, a P/E/G ratio of 1.30 and a beta of 0.29. The firm’s fifty day moving average is $54.66 and its 200 day moving average is $51.98.

New Oriental Education & Technology Group Dividend Announcement

The company also recently declared a special dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 18th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, November 18th. New Oriental Education & Technology Group’s dividend payout ratio (DPR) is presently 25.55%.

Institutional Investors Weigh In On New Oriental Education & Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of EDU. Caitong International Asset Management Co. Ltd grew its stake in shares of New Oriental Education & Technology Group by 7,314.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 519 shares of the company’s stock valued at $28,000 after acquiring an additional 512 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in New Oriental Education & Technology Group in the 3rd quarter valued at about $220,000. Nomura Holdings Inc. bought a new stake in New Oriental Education & Technology Group in the 3rd quarter valued at about $746,000. Brooklyn Investment Group grew its position in shares of New Oriental Education & Technology Group by 227.1% during the 3rd quarter. Brooklyn Investment Group now owns 3,820 shares of the company’s stock worth $203,000 after purchasing an additional 2,652 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of New Oriental Education & Technology Group during the 3rd quarter worth approximately $494,000.

About New Oriental Education & Technology Group

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.