Noah (NYSE:NOAH) Shares Gap Up – Here’s What Happened

Noah Holdings Limited (NYSE:NOAH)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $11.71, but opened at $12.19. Noah shares last traded at $12.09, with a volume of 12,298 shares trading hands.

Wall Street Analyst Weigh In

Separately, UBS Group lowered Noah from a “buy” rating to a “neutral” rating and set a $13.00 target price on the stock. in a research report on Thursday, October 24th.

Noah Stock Performance

The company’s 50-day simple moving average is $12.09 and its 200-day simple moving average is $10.40. The company has a market capitalization of $837.99 million, a PE ratio of 9.33 and a beta of 0.78.

Noah (NYSE:NOAH) last issued its quarterly earnings results on Wednesday, August 28th. The asset manager reported $0.21 earnings per share (EPS) for the quarter. Noah had a return on equity of 7.15% and a net margin of 26.81%. The firm had revenue of $84.74 million for the quarter. Analysts expect that Noah Holdings Limited will post 1.37 EPS for the current year.

Noah announced that its Board of Directors has authorized a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the asset manager to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd grew its position in Noah by 84.1% during the first quarter. Quadrature Capital Ltd now owns 36,410 shares of the asset manager’s stock worth $415,000 after buying an additional 16,631 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in shares of Noah in the 1st quarter worth approximately $40,000. SG Americas Securities LLC acquired a new stake in shares of Noah in the 2nd quarter worth approximately $510,000. Davis Selected Advisers increased its stake in Noah by 121.7% in the 2nd quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock valued at $16,228,000 after purchasing an additional 923,122 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Noah by 52.1% during the second quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock worth $868,000 after purchasing an additional 30,810 shares during the last quarter. Institutional investors and hedge funds 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.