Noah (NYSE:NOAH) Trading Up 4% Following Analyst Upgrade

Noah Holdings Ltd. (NYSE:NOAH)’s share price rose 4% during mid-day trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $10.54 and last traded at $10.57. Approximately 17,235 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 144,287 shares. The stock had previously closed at $10.16.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Noah in a report on Tuesday, November 25th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Noah presently has an average rating of “Hold” and an average price target of $11.50.

Hedge Funds Weigh In On Noah

Large investors have recently modified their holdings of the business. Signaturefd LLC boosted its position in shares of Noah by 124.7% in the second quarter. Signaturefd LLC now owns 5,778 shares of the asset manager’s stock worth $69,000 after buying an additional 3,207 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Noah during the 3rd quarter worth about $84,000. Quadrant Capital Group LLC bought a new stake in Noah in the 3rd quarter valued at $85,000. New York State Common Retirement Fund acquired a new stake in Noah during the third quarter worth about $105,000. Finally, Centiva Capital LP bought a new stake in shares of Noah during the third quarter valued at approximately $118,000. Institutional investors and hedge funds own 42.67% of the company’s stock.

Noah Trading Up 0.6%

The stock has a market cap of $693.68 million, a P/E ratio of 9.36 and a beta of 0.88. The company’s fifty day simple moving average is $11.22 and its 200-day simple moving average is $11.54.

Noah (NYSE:NOAH) last issued its quarterly earnings data on Tuesday, November 25th. The asset manager reported $0.46 earnings per share (EPS) for the quarter. The company had revenue of $88.90 million during the quarter, compared to analysts’ expectations of $92.22 million. Noah had a return on equity of 6.44% and a net margin of 22.17%. As a group, analysts expect that Noah Holdings Ltd. will post 0.93 earnings per share for the current fiscal year.

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.