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

Shares of Noah Holdings Limited (NYSE:NOAH) gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NOAH shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $12.00 price target (up previously from $10.50) on shares of Noah in a research note on Wednesday, March 5th. Morgan Stanley downgraded Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 target price on the stock. in a research report on Friday, November 29th. Finally, StockNews.com cut Noah from a “buy” rating to a “hold” rating in a research report on Thursday, March 20th.

Noah Stock Down 0.7 %

The stock has a market cap of $688.04 million, a price-to-earnings ratio of 8.91 and a beta of 0.71. The stock’s 50 day moving average price is $11.07 and its two-hundred day moving average price is $11.45.

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

Institutional Investors Weigh In On Noah

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in shares of Noah by 10.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,786,627 shares of the asset manager’s stock valued at $24,441,000 after purchasing an additional 167,685 shares during the period. Point72 Asset Management L.P. purchased a new position in Noah in the third quarter valued at $566,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Noah by 113.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,216 shares of the asset manager’s stock worth $565,000 after acquiring an additional 25,578 shares during the period. FMR LLC purchased a new stake in shares of Noah during the 3rd quarter worth about $8,895,000. Finally, Ballentine Partners LLC grew its position in shares of Noah by 16.7% during the 4th quarter. Ballentine Partners LLC now owns 27,565 shares of the asset manager’s stock valued at $323,000 after acquiring an additional 3,948 shares during the period. Hedge funds and other institutional investors own 42.67% of the company’s stock.

Noah Company Profile

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.