Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese high-net-worth wealth management company Noah Holdings (Nasdaq: NOAH) popped as much as 11% this morning before giving up much of its gains, and now is up just 3%.

So what: As a relatively low volume small-cap stock, it doesn't take very many shares to radically move Noah's stock price, and that appears to be today's primary culprit. Shortly after the stock market opened, roughly 22,000 shares pushed the company up more than 10%. Since that time, Noah has fallen to levels in line with general market indexes like the Dow Jones Industrial Average (INDEX: ^DJI), which is currently up 2.5%.

Now what: I wouldn't read very much into today's brief pop higher, nor should today's move change your investment thesis on the company. However, with nearly every Chinese company trading at a deep discount to U.S. counterparts, Noah at 24 times trailing 12-month earnings might be a tough pill to swallow. I'd be more than happy waiting on the sidelines and allowing Noah to get a few more quarters of public reporting under its belt.

Craving more input on Noah Holdings? Start by adding it to your watchlist to keep up on the latest news with the company.