Noah Holdings Ltd. (NOAH) Upgraded by BidaskClub to Strong-Buy
BidaskClub upgraded shares of Noah Holdings Ltd. (NYSE:NOAH) from a buy rating to a strong-buy rating in a report published on Tuesday morning.
Separately, Zacks Investment Research lowered Noah Holdings from a hold rating to a sell rating in a research report on Wednesday, July 5th.
Shares of Noah Holdings (NOAH) opened at 35.33 on Tuesday. The stock’s 50 day moving average price is $30.30 and its 200-day moving average price is $28.61. Noah Holdings has a 52 week low of $21.33 and a 52 week high of $35.50. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 19.64 and a beta of 2.44.
Noah Holdings declared that its board has initiated a stock repurchase program on Thursday, June 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the asset manager to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of institutional investors and hedge funds have recently bought and sold shares of NOAH. Russell Investments Group Ltd. bought a new position in Noah Holdings during the 2nd quarter worth approximately $158,000. Neuberger Berman Group LLC bought a new position in Noah Holdings during the 1st quarter worth approximately $200,000. Aperio Group LLC bought a new position in Noah Holdings during the 2nd quarter worth approximately $239,000. Airain ltd bought a new position in Noah Holdings during the 2nd quarter worth approximately $245,000. Finally, Hershey Trust Co. bought a new position in Noah Holdings during the 2nd quarter worth approximately $300,000. Institutional investors and hedge funds own 41.46% of the company’s stock.
Noah Holdings Company Profile
Noah Holdings Limited is a wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. The Company operates through three segments: wealth management, asset management and Internet finance. It also provides Internet finance services to clients in China.
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