Shares of Nova Ltd. (NASDAQ:NVMI - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $194.51 and last traded at $193.64, with a volume of 104273 shares traded. The stock had previously closed at $181.12.
The semiconductor company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.29. The firm had revenue of $141.80 million for the quarter, compared to analyst estimates of $136.78 million. Nova had a net margin of 26.32% and a return on equity of 20.55%. The business's revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the stock. Benchmark upped their price target on shares of Nova from $150.00 to $187.00 and gave the stock a "buy" rating in a research report on Friday, February 16th. Evercore ISI initiated coverage on Nova in a research note on Tuesday, April 16th. They issued an "outperform" rating and a $210.00 price target for the company.
Check Out Our Latest Stock Analysis on Nova
Hedge Funds Weigh In On Nova
Hedge funds and other institutional investors have recently modified their holdings of the business. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Nova by 74.9% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 604,977 shares of the semiconductor company's stock valued at $83,202,000 after acquiring an additional 259,021 shares during the last quarter. Invesco Ltd. boosted its position in shares of Nova by 118.1% during the 3rd quarter. Invesco Ltd. now owns 428,132 shares of the semiconductor company's stock worth $48,139,000 after purchasing an additional 231,862 shares in the last quarter. Carmignac Gestion acquired a new position in Nova during the 4th quarter worth approximately $11,638,000. Massachusetts Financial Services Co. MA increased its stake in shares of Nova by 33.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 276,478 shares of the semiconductor company's stock worth $31,087,000 after purchasing an additional 69,249 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Nova during the 4th quarter valued at approximately $9,409,000. Institutional investors own 82.99% of the company's stock.
Nova Stock Performance
The business has a 50 day moving average of $175.42 and a 200-day moving average of $147.32. The company has a market capitalization of $5.54 billion, a P/E ratio of 45.31, a price-to-earnings-growth ratio of 6.76 and a beta of 1.40.
Nova Company Profile
(
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Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.
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