New Oriental Education Technology Group Co., Ltd. (NYSE:EDU – Get Rating ) was the recipient of a sharp drop in short interest in November. As of November 15, short interest totaled 7.28 million shares, a decrease of 12.8% from 8.35 million shares on October 31. Based on an average daily volume of 2.13 million shares, the short interest rate is currently 3.4 days. About 4.5% of the company’s shares were sold short.
Analyst sets new price target
Several research analysts have recently published reports on EDU stock. StockNews.com began coverage on shares of New Oriental Education Technology Group in a research report on Wednesday, October 12th. They set a “hold” rating on the company. TheStreet downgraded New Oriental Education Technology Group from a ‘c-‘ rating to a ‘d’ rating in a research report on Monday, November 21st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.60.
Hedge fund takes stake in New Oriental Education Technology Group
Several hedge funds and other institutional investors bought and sold the stock recently. Eaton Vance Management increased its stake in New Oriental Education Technology by 306.7% in the first quarter. Eaton Vance Management now owns 22,543 shares of the company worth $26,000 after purchasing an additional 17,000 shares during that period. Quadrant Capital Group LLC bought a new stake in New Oriental Education Technology Group in the second quarter, valued at $42,000. Royal Bank of Canada increased its holdings of New Oriental Education Technology Group by 13.6% in the first quarter. During that time, RBC now owns 44,215 shares of the company’s stock, worth $51,000, after acquiring an additional 5,299 shares. Northwest Mutual Wealth Management increased its holdings in New Oriental by 18.0% in the first quarter. Northwestern Mutual Wealth Management now owns 47,823 shares of the company worth $55,000 after buying an additional 7,300 shares last quarter. Finally, Signaturefd LLC increased its stake in New Oriental Education Technology Group by 45.6% in the third quarter. Signaturefd LLC now owns 2,933 shares of the company worth $70,000 after buying an additional 918 shares during that period. Institutional investors hold 45.81% of the company’s shares.
Shares of New Oriental Education Technology Group rose 6.2 percent
Shares of NYSE EDU were up $1.77 at $30.13 in midday trading Friday. The stock’s volume was 2,338,568 shares, compared with its average volume of 2,197,289 shares. The company’s 50-day moving average is $25.42 and its 200-day moving average is $23.03. New Oriental Education Technology Group had a 52-week low of $8.40 and a 52-week high of $30.50.
New Oriental Education Technology Group (NYSE: EDU – Get Rating ) released its latest quarterly earnings results on Wednesday, October 26. The company reported EPS of $0.48 for the quarter, beating the consensus estimate of $0.31 by $0.17. The business reported revenue of $744.8 million for the quarter, compared with analysts’ expectations of $689.08 million. Quarterly revenue from the business fell 43.1% compared to the same period last year. Equity research analysts on average expect New Oriental Education Technology Group to post earnings per share of 0.48 for the fiscal year.
New Oriental Education Technology Group Company Profile
New Oriental Education Technology Group Co., Ltd. provides private education services under the New Oriental brand in the People’s Republic of China. The company operates through Educational Services and Test Preparation Programs; Online Education and Other Services; Study Abroad Consulting Services; and Other segments.
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