Noah (NYSE:NOAH) Sees Large Volume Increase – Here’s What Happened

Noah Holdings Limited (NYSE:NOAH) shares saw unusually-high trading volume on Tuesday . Approximately 152,114 shares changed hands during trading, a decline of 22% from the previous session’s volume of 194,513 shares.The stock last traded at $11.99 and had previously closed at $11.88.

Analyst Ratings Changes

Several analysts recently commented on the stock. Morgan Stanley cut shares of Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a research note on Friday, November 29th. UBS Group downgraded shares of Noah from a “buy” rating to a “neutral” rating and set a $13.00 price target for the company. in a research report on Thursday, October 24th.

Noah Trading Up 0.3 %

The company has a market cap of $789.00 million, a price-to-earnings ratio of 10.18 and a beta of 0.80. The stock’s 50 day moving average price is $12.23 and its 200 day moving average price is $10.28.

Noah declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the asset manager to buy up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Noah

A number of hedge funds have recently made changes to their positions in the stock. Signaturefd LLC increased 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 buying an additional 2,374 shares during the last quarter. Blue Trust Inc. grew its position in Noah by 510.7% during the third quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 3,330 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Noah during the third quarter valued at about $65,000. JBF Capital Inc. acquired a new stake in Noah during the second quarter worth about $106,000. Finally, Wolverine Trading LLC purchased a new position in shares of Noah in the 3rd quarter worth about $196,000. Institutional investors and hedge funds own 42.67% of the company’s stock.

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.