New Oriental Education & Technology Group (NYSE:EDU) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

New Oriental Education & Technology Group, Inc. (NYSE:EDU) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $54.35 and traded as low as $50.53. New Oriental Education & Technology Group shares last traded at $50.6010, with a volume of 3,135,423 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on EDU shares. Wall Street Zen cut shares of New Oriental Education & Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings cut New Oriental Education & Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday. Finally, New Street Research set a $56.50 price target on New Oriental Education & Technology Group in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.75.

New Oriental Education & Technology Group Stock Down 1.1%

The company has a market capitalization of $7.53 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 0.52 and a beta of 0.19. The business’s 50 day simple moving average is $56.84 and its 200 day simple moving average is $54.24.

Insider Buying and Selling

In related news, Director Chenggang Zhou sold 56,948 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $56.83, for a total value of $3,236,354.84. Following the completion of the sale, the director owned 429,998 shares in the company, valued at approximately $24,436,786.34. This represents a 11.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yue Zhuge sold 1,600 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 2,000 shares of the company’s stock, valued at $119,100. This represents a 44.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 71,600 shares of company stock worth $4,066,723 in the last 90 days. 15.50% of the stock is owned by company insiders.

Institutional Trading of New Oriental Education & Technology Group

A number of hedge funds have recently modified their holdings of the business. Ninety One UK Ltd purchased a new stake in shares of New Oriental Education & Technology Group in the third quarter worth approximately $92,628,000. Amundi boosted its holdings in shares of New Oriental Education & Technology Group by 14.4% during the first quarter. Amundi now owns 507,774 shares of the company’s stock worth $28,755,000 after purchasing an additional 63,845 shares during the period. Ninety One North America Inc. purchased a new position in New Oriental Education & Technology Group during the third quarter valued at approximately $21,740,000. Lazard Asset Management LLC purchased a new position in New Oriental Education & Technology Group during the first quarter valued at approximately $18,528,000. Finally, Carmignac Gestion grew its position in New Oriental Education & Technology Group by 0.8% during the second quarter. Carmignac Gestion now owns 368,392 shares of the company’s stock valued at $16,921,000 after purchasing an additional 3,006 shares in the last quarter.

About New Oriental Education & Technology Group

New Oriental Education & Technology Group Inc (NYSE: EDU) is a China-based education services provider founded in 1993 by Michael Minhong Yu. The company operates schools, learning centers and online platforms that serve students, families and adult learners across China.

Its offerings have historically included test preparation for examinations such as the TOEFL, IELTS and other standardized tests; overseas study consulting; language training; educational services for primary and secondary students; adult and vocational education; and educational technology.