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

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

Analyst Ratings Changes

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

Noah Price Performance

The stock has a market cap of $767.14 million, a P/E ratio of 9.90 and a beta of 0.80. The company has a 50 day simple moving average of $12.20 and a 200-day simple moving average of $10.31.

Institutional Trading of Noah

Several hedge funds and other institutional investors have recently bought and sold shares of NOAH. Signaturefd LLC raised its stake 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 acquiring an additional 2,374 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 3,330 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Noah in the 3rd quarter worth $65,000. JBF Capital Inc. purchased a new position in Noah in the 2nd quarter worth $106,000. Finally, Wolverine Trading LLC bought a new stake in Noah in the third quarter worth $196,000. Hedge funds and other 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.