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

Noah Holdings Ltd. (NYSE:NOAH) gapped down prior to trading on Thursday . The stock had previously closed at $10.62, but opened at $10.30. Noah shares last traded at $10.3910, with a volume of 416,077 shares traded.

Analysts Set New Price Targets

Several brokerages have issued reports on NOAH. Weiss Ratings restated a “hold (c-)” rating on shares of Noah in a research report on Monday. Wall Street Zen raised Noah from a “hold” rating to a “buy” rating in a research note on Friday, November 28th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $11.50.

Noah Stock Down 1.6%

The firm has a 50 day moving average of $11.21 and a 200-day moving average of $11.54. The company has a market cap of $691.23 million, a P/E ratio of 8.09 and a beta of 0.86.

Noah (NYSE:NOAH) last issued its earnings results on Tuesday, November 25th. The asset manager reported $0.46 earnings per share for the quarter. Noah had a return on equity of 7.23% and a net margin of 25.99%.The business had revenue of $88.90 million during the quarter, compared to analyst estimates of $92.22 million. On average, research analysts predict that Noah Holdings Ltd. will post 0.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Noah during the 2nd quarter valued at about $14,128,000. Acadian Asset Management LLC lifted its position in shares of Noah by 61.9% in the 1st quarter. Acadian Asset Management LLC now owns 696,967 shares of the asset manager’s stock worth $6,563,000 after purchasing an additional 266,602 shares during the period. Sei Investments Co. boosted its stake in shares of Noah by 549.8% during the third quarter. Sei Investments Co. now owns 78,178 shares of the asset manager’s stock valued at $906,000 after purchasing an additional 66,146 shares in the last quarter. Millennium Management LLC purchased a new position in Noah during the third quarter valued at approximately $582,000. Finally, Nuveen LLC bought a new position in Noah in the first quarter worth approximately $350,000. 42.67% of the stock is currently owned by institutional investors.

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.