Noah (NYSE:NOAH) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Noah from hold to buy, but the overall analyst view remains cautious with a consensus Hold rating and an average price target of $10.75.
• The stock was down 1.1% and opened at $8.88, near its 52-week low of $8.63; it also trades below both its 50-day and 200-day moving averages.
• Institutional investors have been active in the name, with firms like Renaissance Technologies and Dimensional Fund Advisors increasing their positions during the latest quarter.

Noah (NYSE:NOAH - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other research analysts have also issued reports on NOAH. Zacks Research upgraded Noah from a "strong sell" rating to a "hold" rating in a report on Monday, May 25th. JPMorgan Chase & Co. cut their price target on Noah from $12.00 to $11.50 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Finally, Weiss Ratings lowered Noah from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Noah has a consensus rating of "Hold" and an average price target of $10.75.

Noah Stock Down 1.1%

Noah stock opened at $8.88 on Friday. The firm has a market cap of $598.82 million, a PE ratio of 8.22 and a beta of 0.80. Noah has a 52-week low of $8.63 and a 52-week high of $12.84. The company's 50 day moving average is $10.08 and its two-hundred day moving average is $10.72.

Institutional Trading of Noah

Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its position in shares of Noah by 132.4% during the 1st quarter. Renaissance Technologies LLC now owns 95,500 shares of the asset manager's stock worth $945,000 after acquiring an additional 54,400 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Noah by 9.4% during the 1st 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. IMC Chicago LLC acquired a new stake in shares of Noah during the 1st quarter worth about $100,000. Hsbc Holdings PLC lifted its stake in Noah by 47.7% during the fourth quarter. Hsbc Holdings PLC now owns 71,912 shares of the asset manager's stock worth $725,000 after purchasing an additional 23,217 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Noah in the fourth quarter valued at approximately $115,000. 42.67% of the stock is currently owned by institutional investors and hedge funds.

About Noah

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.

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