Noah (NYSE:NOAH) Shares Down 2.9% – Should You Sell?

Noah Holdings Limited (NYSE:NOAH)’s share price traded down 2.9% during trading on Thursday . The company traded as low as $11.48 and last traded at $11.57. 15,452 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 194,613 shares. The stock had previously closed at $11.91.

Analysts Set New Price Targets

NOAH has been the topic of several analyst reports. Morgan Stanley lowered Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 target price on the stock. in a report 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 Price Performance

The firm has a market capitalization of $788.34 million, a price-to-earnings ratio of 10.17 and a beta of 0.80. The business’s fifty day simple moving average is $12.22 and its 200 day simple moving average is $10.29.

Noah declared that its board has authorized a share buyback plan on Wednesday, August 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the asset manager to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Noah

Several institutional investors have recently made changes to their positions in NOAH. Franklin Resources Inc. increased its position in shares of Noah by 10.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,786,627 shares of the asset manager’s stock valued at $24,441,000 after purchasing an additional 167,685 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Noah in the third quarter worth about $199,000. Wolverine Trading LLC purchased a new position in Noah in the third quarter valued at about $196,000. Point72 Asset Management L.P. purchased a new stake in shares of Noah during the 3rd quarter worth approximately $566,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Noah in the 3rd quarter worth approximately $65,000. Institutional investors 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.