Nova (NASDAQ:NVMI) Sets New 1-Year High - Here's Why

Shares of Nova Ltd. (NASDAQ:NVMI - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $291.99 and last traded at $286.38, with a volume of 222049 shares. The stock had previously closed at $284.96.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NVMI. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective (up from $250.00) on shares of Nova in a report on Tuesday, June 24th. Benchmark lowered their price objective on Nova from $295.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Wall Street Zen cut Nova from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Citigroup lowered their price objective on Nova from $290.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Bank of America boosted their target price on Nova from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $282.50.

Nova Trading Up 0.5%

The firm has a market capitalization of $8.42 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.50 and a beta of 1.66. The company has a fifty day moving average price of $217.98 and a two-hundred day moving average price of $217.17.

Nova (NASDAQ:NVMI - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.10. The business had revenue of $213.36 million for the quarter, compared to analysts' expectations of $210.10 million. Nova had a return on equity of 23.98% and a net margin of 28.46%. The business's revenue for the quarter was up 50.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 EPS. As a group, equities research analysts expect that Nova Ltd. will post 7.52 earnings per share for the current year.

Institutional Trading of Nova

Several institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in shares of Nova by 0.8% during the 4th quarter. Alliancebernstein L.P. now owns 5,688 shares of the semiconductor company's stock valued at $1,120,000 after buying an additional 44 shares during the period. NewEdge Advisors LLC raised its position in Nova by 3.6% in the fourth quarter. NewEdge Advisors LLC now owns 1,339 shares of the semiconductor company's stock valued at $264,000 after purchasing an additional 47 shares during the period. Quadrant Capital Group LLC raised its position in Nova by 5.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,030 shares of the semiconductor company's stock valued at $203,000 after purchasing an additional 51 shares during the period. Advisory Services Network LLC raised its position in Nova by 5.0% in the fourth quarter. Advisory Services Network LLC now owns 1,149 shares of the semiconductor company's stock valued at $226,000 after purchasing an additional 55 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its position in Nova by 1.3% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 4,742 shares of the semiconductor company's stock valued at $935,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 82.99% of the company's stock.

Nova Company Profile

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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