Nova (NASDAQ:NVMI) Hits New 1-Year High on Strong Earnings

Shares of Nova Ltd. (NASDAQ:NVMI) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $194.51 and last traded at $193.64, with a volume of 104273 shares changing hands. The stock had previously closed at $181.12.

The semiconductor company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.29. The firm had revenue of $141.80 million during the quarter, compared to analyst estimates of $136.78 million. Nova had a return on equity of 20.55% and a net margin of 26.32%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the company earned $1.12 earnings per share.

Analyst Ratings Changes

A number of research firms recently weighed in on NVMI. Evercore ISI began coverage on shares of Nova in a report on Tuesday, April 16th. They set an “outperform” rating and a $210.00 target price on the stock. Benchmark increased their price objective on Nova from $150.00 to $187.00 and gave the stock a “buy” rating in a research report on Friday, February 16th.

Hedge Funds Weigh In On Nova

A number of institutional investors have recently added to or reduced their stakes in NVMI. Asset Dedication LLC purchased a new position in shares of Nova in the 3rd quarter worth about $34,000. Signaturefd LLC boosted its holdings in shares of Nova by 20.6% in the 3rd quarter. Signaturefd LLC now owns 672 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 115 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Nova by 46.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,038 shares of the semiconductor company’s stock worth $184,000 after purchasing an additional 328 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new position in shares of Nova in the 1st quarter worth about $252,000. Finally, Cerity Partners LLC purchased a new position in shares of Nova in the 4th quarter worth about $201,000. 82.99% of the stock is currently owned by institutional investors.

Nova Trading Up 6.5 %

The business has a fifty day moving average price of $175.42 and a 200-day moving average price of $147.32. The stock has a market capitalization of $5.53 billion, a PE ratio of 45.23, a PEG ratio of 6.76 and a beta of 1.40.

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.