Noah (NYSE:NOAH) Stock Price Down 3.2% – Here’s Why

Noah Holdings Limited (NYSE:NOAH) traded down 3.2% on Thursday . The stock traded as low as $11.33 and last traded at $11.33. 12,179 shares changed hands during trading, a decline of 94% from the average session volume of 194,511 shares. The stock had previously closed at $11.71.

Wall Street Analysts Forecast Growth

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

Noah Price Performance

The stock has a market cap of $729.74 million, a price-to-earnings ratio of 9.43 and a beta of 0.79. The company’s fifty day simple moving average is $12.07 and its two-hundred day simple moving average is $10.35.

Institutional Trading of Noah

Hedge funds have recently bought and sold shares of the business. Signaturefd LLC grew its holdings in Noah by 2,218.7% during the third quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 2,374 shares during the period. Blue Trust Inc. grew its stake in 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 stake in Noah during the 3rd quarter valued at $65,000. JBF Capital Inc. bought a new position in shares of Noah in the second quarter worth $106,000. Finally, Wolverine Trading LLC bought a new stake in shares of Noah during the third quarter valued at about $196,000. 42.67% of the stock is currently 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.