Noah (NYSE:NOAH) Sees Strong Trading Volume – Here’s What Happened

Shares of Noah Holdings Limited (NYSE:NOAH) saw an uptick in trading volume on Tuesday . 152,114 shares were traded during mid-day trading, a decline of 22% from the previous session’s volume of 194,513 shares.The stock last traded at $11.99 and had previously closed at $11.88.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NOAH shares. UBS Group cut shares of Noah from a “buy” rating to a “neutral” rating and set a $13.00 price objective for the company. in a research report on Thursday, October 24th. Morgan Stanley downgraded 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, November 29th.

Noah Price Performance

The firm has a fifty day simple moving average of $12.28 and a two-hundred day simple moving average of $10.26. The firm has a market cap of $794.96 million, a price-to-earnings ratio of 10.26 and a beta of 0.80.

Noah announced that its Board of Directors has initiated a share buyback program on Wednesday, August 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Noah

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Davis Selected Advisers raised its stake in Noah by 121.7% during the second quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock worth $16,228,000 after purchasing an additional 923,122 shares during the period. American Century Companies Inc. increased its holdings in Noah by 52.1% in the 2nd quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock valued at $868,000 after purchasing an additional 30,810 shares during the last quarter. JBF Capital Inc. purchased a new stake in Noah in the second quarter valued at approximately $106,000. Dimensional Fund Advisors LP lifted its stake in Noah by 50.5% during the second quarter. Dimensional Fund Advisors LP now owns 255,606 shares of the asset manager’s stock worth $2,472,000 after purchasing an additional 85,771 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new position in shares of Noah during the second quarter worth $615,000. 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.