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

Noah Holdings Limited (NYSE:NOAH) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.92, but opened at $8.39. Noah shares last traded at $8.60, with a volume of 29,124 shares traded.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Noah from a “neutral” rating to an “overweight” rating and set a $11.50 price target on the stock in a report on Wednesday, April 9th. StockNews.com cut shares of Noah from a “buy” rating to a “hold” rating in a research note on Thursday, March 20th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $11.50 price target on shares of Noah in a report on Friday, March 28th.

Noah Trading Down 2.6 %

The firm has a market cap of $573.31 million, a PE ratio of 7.43 and a beta of 0.78. The company has a 50-day simple moving average of $10.46 and a 200 day simple moving average of $11.40.

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

Institutional Trading of Noah

A number of hedge funds and other institutional investors have recently modified their holdings of NOAH. Public Employees Retirement System of Ohio raised its holdings in Noah by 18.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 19,085 shares of the asset manager’s stock valued at $223,000 after buying an additional 2,930 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in Noah in the fourth quarter valued at approximately $454,000. Cubist Systematic Strategies LLC purchased a new position in shares of Noah during the fourth quarter worth $52,000. Bank of America Corp DE grew its stake in shares of Noah by 1,066.6% in the fourth quarter. Bank of America Corp DE now owns 83,902 shares of the asset manager’s stock valued at $982,000 after buying an additional 76,710 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Noah in the 4th quarter valued at $72,000. 42.67% of the stock is owned by institutional investors and hedge funds.

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.