Noah (NYSE:NOAH) Shares Down 7.6% – Should You Sell?

Noah Holdings Limited (NYSE:NOAH) dropped 7.6% during mid-day trading on Tuesday . The company traded as low as $11.88 and last traded at $12.14. Approximately 54,374 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 192,500 shares. The stock had previously closed at $13.14.

Analyst Ratings Changes

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

Noah Stock Performance

The firm’s fifty day simple moving average is $12.57 and its 200 day simple moving average is $10.27. The firm has a market cap of $796.99 million, a P/E ratio of 10.38 and a beta of 0.80.

Noah announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the asset manager to purchase up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC lifted its holdings in shares of Noah by 2,218.7% in 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. Blue Trust Inc. lifted its stake in shares of 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 purchasing an additional 3,330 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Noah in the 3rd quarter worth approximately $65,000. JBF Capital Inc. bought a new position in shares of Noah during the 2nd quarter valued at approximately $106,000. Finally, Wolverine Trading LLC bought a new position in shares of Noah during the 3rd quarter valued at approximately $196,000. 42.67% of the stock is owned by hedge funds and other 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.