Noah (NYSE:NOAH) Reaches New 52-Week Low – Here’s What Happened

Noah Holdings Ltd. (NYSE:NOAH) shares hit a new 52-week low during trading on Wednesday. The company traded as low as $7.80 and last traded at $7.8290, with a volume of 73945 shares trading hands. The stock had previously closed at $7.96.

Analysts Set New Price Targets

NOAH has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of Noah from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. decreased their target price on shares of Noah from $10.50 to $9.70 and set a “neutral” rating for the company in a research report on Monday, September 21st. Finally, Wall Street Zen cut shares of Noah from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $9.85.

Noah Trading Down 1.6%

The company has a market cap of $531.88 million, a P/E ratio of 6.33 and a beta of 0.83. The company’s 50-day moving average price is $8.39 and its two-hundred day moving average price is $9.56.

Noah (NYSE:NOAH) last posted its quarterly earnings results on Friday, August 14th. The asset manager reported $0.51 earnings per share (EPS) for the quarter. The firm had revenue of $91.24 million for the quarter. Noah had a net margin of 22.57% and a return on equity of 6.37%. Equities analysts forecast that Noah Holdings Ltd. will post 1.38 earnings per share for the current year.

Hedge Funds Weigh In On Noah

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOAH. State Street Corp boosted its position in shares of Noah by 2.9% in the second quarter. State Street Corp now owns 322,218 shares of the asset manager’s stock worth $3,219,000 after buying an additional 8,948 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Noah by 33.8% during the 2nd quarter. Hsbc Holdings PLC now owns 26,776 shares of the asset manager’s stock valued at $269,000 after buying an additional 6,770 shares during the period. Ramsey Quantitative Systems purchased a new position in Noah in the second quarter valued at about $105,000. Renaissance Technologies LLC grew its stake in shares of Noah by 132.4% in the 1st quarter. Renaissance Technologies LLC now owns 95,500 shares of the asset manager’s stock valued at $945,000 after buying an additional 54,400 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Noah by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 468,510 shares of the asset manager’s stock worth $4,641,000 after acquiring an additional 40,332 shares in the last quarter. Institutional investors and hedge funds own 42.67% of the company’s stock.

Noah Company Profile

Noah Holdings Limited (NYSE: NOAH) is a Chinese wealth management and asset management services company. The company provides financial products and advisory services primarily to high-net-worth individuals, families, and institutional clients.

Its wealth management business offers clients access to a range of investment products, including private equity, public securities, credit and other alternative investments. Through its asset management operations, Noah develops and manages investment products and strategies for individual and institutional investors.

Founded in 2005, Noah serves clients through operations in mainland China and other financial centers, including Hong Kong.