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

Noah Holdings Limited (NYSE:NOAH)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $13.30, but opened at $12.43. Noah shares last traded at $13.44, with a volume of 113,795 shares traded.

Noah Trading Up 1.7 %

The company has a market cap of $894.83 million, a price-to-earnings ratio of 7.43 and a beta of 0.78. The company’s 50 day moving average price is $9.02 and its 200 day moving average price is $10.45.

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

Noah declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the asset manager to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Noah

A number of institutional investors and hedge funds have recently modified their holdings of NOAH. Headlands Technologies LLC acquired a new position in Noah during the first quarter worth $30,000. Public Employees Retirement Association of Colorado purchased a new stake in shares of Noah in the 1st quarter worth about $40,000. JBF Capital Inc. acquired a new stake in Noah in the 2nd quarter valued at about $106,000. Quadrature Capital Ltd increased its holdings in Noah by 91.1% during the 4th quarter. Quadrature Capital Ltd now owns 19,779 shares of the asset manager’s stock valued at $273,000 after acquiring an additional 9,429 shares in the last quarter. Finally, Dodge & Cox raised its position in Noah by 15.0% during the fourth quarter. Dodge & Cox now owns 26,840 shares of the asset manager’s stock worth $371,000 after acquiring an additional 3,500 shares during the last quarter. 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.