Noah (NYSE:NOAH) Shares Up 6.7% – Here’s What Happened

Shares of Noah Holdings Limited (NYSE:NOAH) traded up 6.7% during mid-day trading on Monday . The company traded as high as $11.17 and last traded at $11.34. 60,232 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 186,475 shares. The stock had previously closed at $10.63.

Analyst Ratings Changes

A number of brokerages recently commented on NOAH. Morgan Stanley lowered Noah from an “overweight” rating to an “equal weight” rating and set a $13.00 price target on the stock. in a report on Friday, November 29th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $12.00 price target (up from $10.50) on shares of Noah in a research report on Wednesday, March 5th. Finally, StockNews.com upgraded Noah from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th.

Noah Price Performance

The stock’s 50 day simple moving average is $10.98 and its two-hundred day simple moving average is $11.36. The firm has a market cap of $754.61 million, a P/E ratio of 9.78 and a beta of 0.71.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. FMR LLC purchased a new stake in shares of Noah during the third quarter valued at approximately $8,895,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Noah in the 3rd quarter worth $65,000. Point72 Asset Management L.P. bought a new stake in shares of Noah in the 3rd quarter worth $566,000. Wolverine Trading LLC purchased a new position in shares of Noah in the third quarter worth $196,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Noah during the third quarter valued at $199,000. 42.67% of the stock is owned by hedge funds and other institutional investors.

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.