Noah (NYSE:NOAH) Shares Gap Down – Here’s What Happened

Noah Holdings Limited (NYSE:NOAH)’s share price gapped down prior to trading on Monday . The stock had previously closed at $12.72, but opened at $12.45. Noah shares last traded at $12.80, with a volume of 5,716 shares.

Noah Stock Performance

The stock’s fifty day simple moving average is $10.09 and its 200-day simple moving average is $10.52. The stock has a market cap of $870.36 million, a P/E ratio of 7.35 and a beta of 0.78.

Noah (NYSE:NOAH) last posted its quarterly earnings data on Wednesday, August 28th. The asset manager reported $0.21 EPS for the quarter. The firm had revenue of $84.74 million for the quarter. Noah had a return on equity of 7.15% and a net margin of 26.81%. As a group, equities research analysts forecast that Noah Holdings Limited will post 1.37 earnings per share for the current year.

Noah announced that its board has initiated a stock buyback program on Wednesday, August 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOAH. Signaturefd LLC increased its stake in shares of Noah by 2,218.7% in the 3rd quarter. Signaturefd LLC now owns 2,481 shares of the asset manager’s stock valued at $31,000 after purchasing an additional 2,374 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Noah in the first quarter valued at about $30,000. Blue Trust Inc. grew its position in Noah by 510.7% in the third quarter. Blue Trust Inc. now owns 3,982 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 3,330 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Noah during the first quarter worth about $40,000. Finally, Quadrature Capital Ltd lifted its holdings in shares of Noah by 91.1% in the fourth quarter. Quadrature Capital Ltd now owns 19,779 shares of the asset manager’s stock worth $273,000 after acquiring an additional 9,429 shares during the last quarter. 42.67% of the stock is currently owned by institutional investors and hedge funds.

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.