Noah (NYSE:NOAH) Stock Price Down 6.6% – Time to Sell?

Noah Holdings Limited (NYSE:NOAH) fell 6.6% during mid-day trading on Tuesday . The company traded as low as $12.56 and last traded at $12.78. 158,362 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 207,400 shares. The stock had previously closed at $13.68.

Noah Stock Down 8.3 %

The stock has a market capitalization of $830.02 million, a PE ratio of 7.16 and a beta of 0.78. The stock’s 50 day moving average price is $9.49 and its 200-day moving average price is $10.52.

Noah (NYSE:NOAH) last posted its earnings results on Wednesday, August 28th. The asset manager reported $0.21 earnings per share for the quarter. The company had revenue of $84.74 million during the quarter. Noah had a net margin of 26.81% and a return on equity of 7.15%. On average, analysts forecast that Noah Holdings Limited will post 1.37 earnings per share for the current year.

Noah declared that its Board of Directors has approved a share repurchase program on Wednesday, August 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Noah

Institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC bought a new stake in shares of Noah in the 1st quarter worth about $30,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Noah in the 1st quarter worth about $40,000. JBF Capital Inc. bought a new stake in shares of Noah in the 2nd quarter worth about $106,000. Creative Planning bought a new stake in shares of Noah in the 3rd quarter worth about $206,000. Finally, Quadrature Capital Ltd lifted its holdings in shares of Noah by 91.1% in the 4th quarter. Quadrature Capital Ltd now owns 19,779 shares of the asset manager’s stock worth $273,000 after acquiring an additional 9,429 shares during the last quarter. 42.67% of the stock is owned by hedge funds and other institutional investors.

About Noah

Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally. It operates through three segments: Wealth Management, Asset Management, and Other Services.