Noah (NYSE:NOAH) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Noah Holdings Limited (NYSE:NOAH)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $10.49 and traded as high as $11.75. Noah shares last traded at $11.72, with a volume of 63,392 shares.

Analyst Ratings Changes

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

Noah Stock Up 0.3 %

The business’s fifty day moving average is $11.80 and its 200 day moving average is $10.49. The stock has a market cap of $775.16 million, a PE ratio of 8.62 and a beta of 0.78.

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

Noah announced that its Board of Directors has approved a share buyback plan on Wednesday, August 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the asset manager to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually 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 business. Signaturefd LLC increased its stake 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 valued at $31,000 after acquiring an additional 2,374 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Noah during the first quarter worth approximately $40,000. Blue Trust Inc. raised its stake in Noah by 510.7% during the third quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock worth $49,000 after purchasing an additional 3,330 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Noah in the 3rd quarter valued at $65,000. Finally, JBF Capital Inc. acquired a new position in shares of Noah in the 2nd quarter valued at $106,000. 42.67% of the stock is currently owned by hedge funds and other institutional investors.

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.