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

Noah Holdings Limited (NYSE:NOAH)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $11.71, but opened at $12.19. Noah shares last traded at $12.09, with a volume of 12,298 shares.

Wall Street Analyst Weigh In

Separately, UBS Group downgraded Noah from a “buy” rating to a “neutral” rating and set a $13.00 target price for the company. in a research note on Thursday, October 24th.

Noah Price Performance

The firm has a market cap of $847.25 million, a price-to-earnings ratio of 9.42 and a beta of 0.78. The firm’s 50 day moving average price is $12.25 and its 200-day moving average price is $10.43.

Noah (NYSE:NOAH) last posted its quarterly earnings results on Wednesday, August 28th. The asset manager reported $0.21 earnings per share (EPS) for the quarter. The company had revenue of $84.74 million for the quarter. Noah had a net margin of 26.81% and a return on equity of 7.15%. Analysts expect that Noah Holdings Limited will post 1.37 EPS for the current year.

Noah announced that its board has authorized a share repurchase program on Wednesday, August 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Noah

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of Noah by 2,218.7% during the 3rd quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock worth $31,000 after purchasing an additional 2,374 shares in the last quarter. Public Employees Retirement Association of Colorado bought a new stake in Noah in the 1st quarter valued at $40,000. Blue Trust Inc. raised its stake in shares of Noah by 510.7% in the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after buying an additional 3,330 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Noah during the 3rd quarter worth about $65,000. Finally, JBF Capital Inc. acquired a new stake in shares of Noah during the 2nd quarter valued at about $106,000. Institutional investors and hedge funds own 42.67% of the company’s stock.

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.