Noah (NYSE:NOAH) Sees Large Volume Increase – Still a Buy?

Noah Holdings Limited (NYSE:NOAH) shares saw unusually-strong trading volume on Thursday . Approximately 492,611 shares changed hands during mid-day trading, an increase of 154% from the previous session’s volume of 194,242 shares.The stock last traded at $11.98 and had previously closed at $11.72.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOAH. UBS Group downgraded shares of Noah from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, October 24th. Morgan Stanley lowered 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.

Noah Stock Performance

The business’s 50 day moving average is $12.48 and its 200-day moving average is $10.27. The stock has a market cap of $785.74 million, a price-to-earnings ratio of 10.17 and a beta of 0.80.

Noah announced that its board has approved a share repurchase program on Wednesday, August 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the asset manager to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NOAH. Signaturefd LLC grew its holdings in shares of Noah by 2,218.7% during the third quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock worth $31,000 after buying an additional 2,374 shares in the last quarter. Blue Trust Inc. grew its stake in Noah by 510.7% during the 3rd quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 3,330 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Noah in the 3rd quarter valued at about $65,000. JBF Capital Inc. purchased a new position in Noah in the 2nd quarter worth approximately $106,000. Finally, Wolverine Trading LLC acquired a new position in shares of Noah during the 3rd quarter worth approximately $196,000. 42.67% of the stock is 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.