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

Noah Holdings Ltd. (NYSE:NOAH)’s share price gapped down before the market opened 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 changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen upgraded shares of Noah from a “hold” rating to a “buy” rating in a research report on Friday, November 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Noah in a research report on Monday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Noah presently has a consensus rating of “Hold” and a consensus price target of $11.50.

Noah Trading Up 1.4%

The stock has a market cap of $695.66 million, a P/E ratio of 8.15 and a beta of 0.86. The stock’s 50-day moving average is $11.17 and its 200-day moving average is $11.53.

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

Hedge Funds Weigh In On Noah

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in shares of Noah by 124.7% in the second quarter. Signaturefd LLC now owns 5,778 shares of the asset manager’s stock valued at $69,000 after buying an additional 3,207 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Noah in the third quarter worth about $84,000. Quadrant Capital Group LLC acquired a new stake in Noah in the 3rd quarter valued at about $85,000. New York State Common Retirement Fund bought a new position in shares of Noah during the 3rd quarter valued at about $105,000. Finally, Centiva Capital LP bought a new position in shares of Noah during the 3rd quarter valued at about $118,000. 42.67% of the stock is owned by 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.