Noah (NYSE:NOAH) Trading Down 8.9% After Analyst Downgrade

Noah Holdings Ltd. (NYSE:NOAH)’s share price fell 8.9% on Thursday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. JPMorgan Chase & Co. now has a $12.00 price target on the stock, down from their previous price target of $14.70. Noah traded as low as $10.00 and last traded at $10.3190. 81,721 shares were traded during trading, a decline of 39% from the average session volume of 134,513 shares. The stock had previously closed at $11.33.

A number of other equities analysts have also issued reports on the stock. Zacks Research upgraded shares of Noah from a “strong sell” rating to a “hold” rating in a research report on Monday, February 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Noah in a report on Monday, December 29th. Wall Street Zen downgraded Noah from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, UBS Group decreased their price objective on Noah from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, December 22nd. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.00.

Institutional Trading of Noah

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC lifted its stake in shares of Noah by 47.7% in the 4th quarter. Hsbc Holdings PLC now owns 71,912 shares of the asset manager’s stock valued at $725,000 after purchasing an additional 23,217 shares during the period. Virtu Financial LLC bought a new position in shares of Noah in the 4th quarter worth $115,000. Millennium Management LLC grew its stake in shares of Noah by 27.8% during the fourth quarter. Millennium Management LLC now owns 64,150 shares of the asset manager’s stock worth $644,000 after purchasing an additional 13,962 shares during the period. Trexquant Investment LP increased its holdings in Noah by 20.5% in the fourth quarter. Trexquant Investment LP now owns 66,282 shares of the asset manager’s stock valued at $665,000 after purchasing an additional 11,288 shares during the last quarter. Finally, FIL Ltd increased its holdings in Noah by 7.1% in the fourth quarter. FIL Ltd now owns 6,377,766 shares of the asset manager’s stock valued at $64,033,000 after purchasing an additional 424,717 shares during the last quarter. Institutional investors own 42.67% of the company’s stock.

Noah Price Performance

The stock has a market cap of $660.64 million, a price-to-earnings ratio of 8.88 and a beta of 0.73. The firm has a 50 day simple moving average of $11.64 and a two-hundred day simple moving average of $11.22.

Noah Company Profile

Noah Holdings Limited is a China-based wealth management and asset management firm specializing in tailored advisory services for high-net-worth individuals, family offices and select institutional clients. The company offers a broad range of investment solutions that draw on its deep market research and partner network to provide access to both onshore and offshore products. Noah’s business model centers on delivering structured investment products, portfolio management services and family wealth planning solutions designed to meet the evolving needs of affluent clients in China and beyond.

Noah’s main service lines include discretionary portfolio management, fund distribution, private equity and venture capital fund platforms, and alternative investment strategies such as real estate and insurance-linked products.