Noah (NYSE:NOAH) Shares Down 8.9% on Analyst Downgrade

Noah Holdings Ltd. (NYSE:NOAH)’s stock price traded 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. 81,721 shares changed hands during trading, a decline of 39% from the average session volume of 134,513 shares. The stock had previously closed at $11.33.

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

Institutional Trading of Noah

A number of hedge funds have recently modified their holdings of NOAH. FIL Ltd boosted its position in shares of Noah by 7.1% in the fourth quarter. FIL Ltd now owns 6,377,766 shares of the asset manager’s stock worth $64,033,000 after buying an additional 424,717 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Noah during the second quarter valued at $14,128,000. Nuveen LLC lifted its stake in Noah by 35.0% in the 4th quarter. Nuveen LLC now owns 454,675 shares of the asset manager’s stock worth $4,565,000 after acquiring an additional 117,971 shares in the last quarter. Prescott Group Capital Management L.L.C. lifted its stake in Noah by 7.4% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 444,967 shares of the asset manager’s stock worth $4,467,000 after acquiring an additional 30,691 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Noah by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 428,178 shares of the asset manager’s stock worth $4,301,000 after acquiring an additional 4,487 shares during the period. Hedge funds and other institutional investors own 42.67% of the company’s stock.

Noah Trading Down 8.0%

The stock has a 50-day simple moving average of $11.66 and a 200 day simple moving average of $11.23. The stock has a market capitalization of $698.93 million, a price-to-earnings ratio of 9.39 and a beta of 0.73.

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.