Jupai Holdings Ltd (NYSE:JP) shares dropped 11.2% during trading on Monday . The company traded as low as $8.70 and last traded at $9.39. Approximately 546,856 shares changed hands during trading, an increase of 140% from the average daily volume of 227,700 shares. The stock had previously closed at $10.57.
JP has been the topic of a number of research reports. TheStreet raised shares of Jupai from a “c” rating to a “b-” rating in a research report on Monday, July 16th. ValuEngine cut shares of Jupai from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th.
The firm has a market cap of $344.21 million, a price-to-earnings ratio of 5.47 and a beta of 0.85.
Several large investors have recently added to or reduced their stakes in the company. Guggenheim Capital LLC acquired a new stake in Jupai in the 1st quarter worth approximately $236,000. Bank of Montreal Can boosted its stake in Jupai by 61.8% in the 2nd quarter. Bank of Montreal Can now owns 15,212 shares of the asset manager’s stock worth $288,000 after purchasing an additional 5,812 shares in the last quarter. Mackay Shields LLC acquired a new stake in Jupai in the 1st quarter worth approximately $395,000. Point72 Asset Management L.P. boosted its stake in Jupai by 572.6% in the 1st quarter. Point72 Asset Management L.P. now owns 78,700 shares of the asset manager’s stock worth $1,603,000 after purchasing an additional 67,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Jupai by 179.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 20,110 shares of the asset manager’s stock worth $410,000 after purchasing an additional 12,910 shares in the last quarter. Institutional investors and hedge funds own 11.19% of the company’s stock.
About Jupai (NYSE:JP)
Jupai Holdings Limited, together with its subsidiaries, provides wealth management products and advisory services to high-net-worth individuals in China. It also provides asset management services, including management of real estate or related funds and other fund products. The company offers services for fixed income products, private equity and venture capital funds, and public market products, as well as other products, including overseas insurance products and foreign-currency denominated alternative investments.
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