Noah (NYSE:NOAH) Shares Down 5.7% – Here’s What Happened

Noah Holdings Limited (NYSE:NOAH)’s stock price traded down 5.7% during trading on Monday . The stock traded as low as $12.37 and last traded at $12.37. 72,443 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 194,353 shares. The stock had previously closed at $13.12.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NOAH. UBS Group cut shares of Noah from a “buy” rating to a “neutral” rating and set a $13.00 target price for the company. in a research report on Thursday, October 24th. Morgan Stanley lowered shares of Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a report on Friday.

Noah Trading Down 4.1 %

The stock has a market cap of $832.04 million, a P/E ratio of 11.21 and a beta of 0.78. The business’s fifty day simple moving average is $12.33 and its 200 day simple moving average is $10.37.

Noah declared that its board has authorized a stock repurchase program on Wednesday, August 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Noah

Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC lifted its holdings in shares of Noah by 2,218.7% during the 3rd quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 2,374 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in shares of Noah in the first quarter valued at approximately $40,000. Blue Trust Inc. increased its holdings in shares of Noah by 510.7% during the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock worth $49,000 after acquiring an additional 3,330 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Noah in the 3rd quarter valued at $65,000. Finally, JBF Capital Inc. acquired a new stake in Noah during the 2nd quarter valued at $106,000. Institutional investors own 42.67% of the company’s stock.

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.