Renaissance Technologies LLC Reduces Stake in Nova Ltd. $NVMI

Key Points

• Renaissance Technologies cut its stake in Nova Ltd. by 9.7% in the first quarter, selling 55,120 shares and leaving it with 510,866 shares valued at about $221.9 million.
• Nova posted better-than-expected Q1 earnings, with EPS of $2.33 versus $2.20 expected and revenue of $235.31 million, up 10.3% year over year.
• Analysts remain constructive on the stock, with a Moderate Buy consensus and an average price target of $556.67, while several firms recently raised their targets to as high as $640.

Renaissance Technologies LLC reduced its holdings in Nova Ltd. (NASDAQ:NVMI - Free Report) by 9.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 510,866 shares of the semiconductor company's stock after selling 55,120 shares during the quarter. Renaissance Technologies LLC owned about 1.61% of Nova worth $221,859,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Smartleaf Asset Management LLC purchased a new stake in Nova in the fourth quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new position in Nova during the 3rd quarter valued at $40,000. CIBC Private Wealth Group LLC raised its holdings in Nova by 75.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 56 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Nova by 2,042.9% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 143 shares in the last quarter. Finally, TD Private Client Wealth LLC purchased a new stake in shares of Nova in the 4th quarter worth about $74,000. 82.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nova

In other news, Director Sarit Sagiv sold 454 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total value of $243,580.08. Following the sale, the director directly owned 1,951 shares of the company's stock, valued at $1,046,750.52. The trade was a 18.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Yaniv Garty sold 426 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $514.49, for a total value of $219,172.74. Following the completion of the sale, the director owned 2,038 shares in the company, valued at $1,048,530.62. The trade was a 17.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,798 shares of company stock valued at $4,125,266 over the last ninety days. Company insiders own 1.00% of the company's stock.

Nova Price Performance

NASDAQ:NVMI opened at $437.98 on Friday. The firm's 50-day moving average price is $501.31 and its 200-day moving average price is $476.11. The company has a market capitalization of $13.92 billion, a PE ratio of 54.61, a P/E/G ratio of 3.30 and a beta of 1.74. Nova Ltd. has a 1-year low of $232.73 and a 1-year high of $615.99.

Nova (NASDAQ:NVMI - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The semiconductor company reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.13. Nova had a net margin of 29.21% and a return on equity of 21.77%. The company had revenue of $235.31 million during the quarter, compared to analysts' expectations of $227.02 million. During the same period last year, the company posted $2.18 EPS. Nova's revenue was up 10.3% on a year-over-year basis. Nova has set its Q2 2026 guidance at 2.340-2.480 EPS. Equities analysts anticipate that Nova Ltd. will post 9.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Nova from $500.00 to $640.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Barclays raised their price objective on shares of Nova from $465.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, May 15th. Morgan Stanley lifted their price objective on Nova from $494.00 to $540.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Jefferies Financial Group upped their target price on Nova from $520.00 to $640.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Finally, Wall Street Zen raised Nova from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $556.67.

Nova Profile

Nova Measuring Instruments Ltd NASDAQ: NVMI develops and supplies advanced metrology and process control systems for the semiconductor manufacturing industry. The company's core product line includes spectroscopic ellipsometry and scatterometry tools designed to measure film thickness, critical dimensions, overlay alignment and other key parameters that drive yield and performance in integrated circuit fabrication.

Founded in 1993 and headquartered in Rehovot, Israel, Nova Measuring Instruments has established itself as a critical partner to leading semiconductor foundries and device manufacturers.

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