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

Noah Holdings Limited (NYSE:NOAH) shares gapped down before the market opened on Wednesday . The stock had previously closed at $11.28, but opened at $10.65. Noah shares last traded at $10.48, with a volume of 84,394 shares changing hands.

Analyst Ratings Changes

NOAH has been the topic of a number of recent research reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 target price (up from $10.50) on shares of Noah in a research report on Wednesday, March 5th. Morgan Stanley cut shares of Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a research report on Friday, November 29th. Finally, StockNews.com downgraded Noah from a “buy” rating to a “hold” rating in a research note on Thursday, March 20th.

Noah Stock Performance

The firm has a market cap of $703.94 million, a price-to-earnings ratio of 9.11 and a beta of 0.71. The business’s 50 day moving average price is $11.07 and its 200-day moving average price is $11.47.

Noah (NYSE:NOAH) last released its earnings results on Tuesday, March 25th. The asset manager reported $0.26 EPS for the quarter. Noah had a return on equity of 6.43% and a net margin of 23.53%. The company had revenue of $89.31 million for the quarter, compared to the consensus estimate of $102.07 million. On average, analysts forecast that Noah Holdings Limited will post 0.93 earnings per share for the current fiscal year.

Institutional Trading of Noah

Several institutional investors have recently added to or reduced their stakes in the business. FMR LLC acquired a new position in shares of Noah in the 3rd quarter valued at about $8,895,000. FIL Ltd raised its stake in Noah by 11.3% during the fourth quarter. FIL Ltd now owns 4,260,790 shares of the asset manager’s stock worth $49,894,000 after acquiring an additional 432,599 shares during the period. Franklin Resources Inc. lifted its holdings in Noah by 9.4% in the fourth quarter. Franklin Resources Inc. now owns 1,955,360 shares of the asset manager’s stock worth $22,897,000 after acquiring an additional 168,733 shares during the last quarter. Bank of America Corp DE boosted its stake in Noah by 1,066.6% in the fourth quarter. Bank of America Corp DE now owns 83,902 shares of the asset manager’s stock valued at $982,000 after acquiring an additional 76,710 shares during the period. Finally, Trexquant Investment LP grew its holdings in shares of Noah by 170.7% during the fourth quarter. Trexquant Investment LP now owns 91,071 shares of the asset manager’s stock valued at $1,066,000 after purchasing an additional 57,425 shares during the last quarter. 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.