Nova (NASDAQ:NVMI) Shares Up 4.3% – Here’s Why

Shares of Nova Ltd. (NASDAQ:NVMI) shot up 4.3% on Tuesday . The company traded as high as $198.53 and last traded at $198.53. 90,987 shares were traded during trading, a decline of 52% from the average session volume of 190,127 shares. The stock had previously closed at $190.41.

Wall Street Analyst Weigh In

NVMI has been the topic of several recent analyst reports. Benchmark increased their price objective on Nova from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Nova in a report on Friday, November 8th. Finally, Citigroup lowered shares of Nova from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $273.00 to $224.00 in a research note on Monday, September 16th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Nova currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.80.

Nova Stock Performance

The firm has a market capitalization of $5.75 billion, a P/E ratio of 35.52, a P/E/G ratio of 1.78 and a beta of 1.44. The stock’s 50 day simple moving average is $189.80 and its 200 day simple moving average is $207.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. grew its position in Nova by 115.1% during the 3rd quarter. Franklin Resources Inc. now owns 661,282 shares of the semiconductor company’s stock worth $146,515,000 after purchasing an additional 353,906 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Nova by 4.6% in the third quarter. Tidal Investments LLC now owns 15,142 shares of the semiconductor company’s stock worth $3,155,000 after acquiring an additional 661 shares during the period. Virtu Financial LLC raised its holdings in shares of Nova by 33.6% during the third quarter. Virtu Financial LLC now owns 2,938 shares of the semiconductor company’s stock worth $612,000 after purchasing an additional 739 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Nova during the third quarter valued at $19,659,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Nova in the third quarter valued at $490,000. 82.99% of the stock is currently owned by institutional investors.

About Nova

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.