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

Noah Holdings Ltd. (NYSE:NOAH) shares were down 8.9% during trading 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. Approximately 81,721 shares changed hands during trading, a decline of 39% from the average daily volume of 134,513 shares. The stock had previously closed at $11.33.

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

Institutional Trading of Noah

Several hedge funds have recently made changes to their positions in the company. FIL Ltd grew its stake in shares of Noah by 7.1% during the 4th quarter. FIL Ltd now owns 6,377,766 shares of the asset manager’s stock worth $64,033,000 after acquiring an additional 424,717 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Noah in the 2nd quarter valued at about $14,128,000. Nuveen LLC raised its stake in Noah by 35.0% in the 4th quarter. Nuveen LLC now owns 454,675 shares of the asset manager’s stock valued at $4,565,000 after acquiring an additional 117,971 shares during the period. Prescott Group Capital Management L.L.C. lifted its holdings in Noah by 7.4% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 444,967 shares of the asset manager’s stock valued at $4,467,000 after purchasing an additional 30,691 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Noah by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 428,178 shares of the asset manager’s stock valued at $4,301,000 after purchasing an additional 4,487 shares during the last quarter. 42.67% of the stock is currently owned by institutional investors.

Noah Stock Up 2.1%

The stock has a market cap of $676.80 million, a P/E ratio of 9.09 and a beta of 0.73. The business’s 50-day simple moving average is $11.62 and its two-hundred day simple moving average is $11.20.

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.