Shares of New Oriental Education & Technology Group Inc. plummeted by 5.39% on Wednesday morning after the company reported mixed results for its latest quarter, with revenue falling short of Wall Street's expectations despite higher earnings per share compared to the same period last year.

The Chinese private education company reported adjusted earnings of $0.16 per share for the quarter ended January 1, surpassing the average analyst estimate of $0.16. However, revenue rose 30.5% to $1.44 billion, missing the consensus forecast of $1.46 billion.

The revenue miss appears to have outweighed the positive earnings surprise, leading to the significant sell-off in New Oriental's stock. Revenue growth is a crucial metric for investors in the education sector, as it reflects the company's ability to attract and retain students, as well as its pricing power.

Despite the disappointing quarterly results, Wall Street analysts remain bullish on New Oriental's prospects. The current average analyst rating on the stock is a "buy," with 17 "strong buy" or "buy" recommendations and no "hold" or "sell" ratings. The median 12-month price target for the stock is $75.70, implying substantial upside potential from current levels.