Noah (NYSE:NOAH) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Noah Holdings Limited (NYSE:NOAH) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.49 and traded as high as $11.75. Noah shares last traded at $11.72, with a volume of 63,392 shares changing hands.

Analyst Ratings Changes

Separately, UBS Group cut 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 business has a 50-day moving average of $11.92 and a two-hundred day moving average of $10.51. The company has a market cap of $778.86 million, a P/E ratio of 8.66 and a beta of 0.78.

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

Noah announced that its board has approved a stock buyback program on Wednesday, August 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the asset manager to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Noah

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOAH. Quadrature Capital Ltd lifted its stake in Noah by 84.1% during the 1st quarter. Quadrature Capital Ltd now owns 36,410 shares of the asset manager’s stock valued at $415,000 after acquiring an additional 16,631 shares during the period. Public Employees Retirement Association of Colorado purchased a new stake in Noah in the first quarter valued at $40,000. SG Americas Securities LLC acquired a new stake in Noah during the 2nd quarter worth about $510,000. Davis Selected Advisers raised its stake in shares of Noah by 121.7% during the 2nd quarter. Davis Selected Advisers now owns 1,681,650 shares of the asset manager’s stock valued at $16,228,000 after buying an additional 923,122 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Noah by 52.1% during the 2nd quarter. American Century Companies Inc. now owns 89,904 shares of the asset manager’s stock valued at $868,000 after buying an additional 30,810 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.