Nova (NASDAQ:NVMI) Shares Up 6.2% – Here’s What Happened

Nova Ltd. (NASDAQ:NVMI) was up 6.2% on Friday . The stock traded as high as $183.33 and last traded at $183.10. Approximately 21,366 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 190,364 shares. The stock had previously closed at $172.39.

Analyst Ratings Changes

Several research firms have weighed in on NVMI. Citigroup lowered Nova from a “buy” rating to a “neutral” rating and lowered their target price for the company from $273.00 to $224.00 in a report on Monday, September 16th. Needham & Company LLC restated a “hold” rating on shares of Nova in a report on Friday, November 8th. Finally, Benchmark lifted their target price on shares of Nova from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.80.

Nova Trading Up 7.3 %

The company’s 50 day simple moving average is $192.84 and its 200 day simple moving average is $208.31. The stock has a market capitalization of $5.37 billion, a PE ratio of 34.16, a PEG ratio of 1.63 and a beta of 1.47.

Hedge Funds Weigh In On Nova

Several institutional investors have recently added to or reduced their stakes in NVMI. Clal Insurance Enterprises Holdings Ltd grew its holdings in Nova by 74.6% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,281,869 shares of the semiconductor company’s stock valued at $267,487,000 after buying an additional 547,833 shares during the period. Franklin Resources Inc. grew its holdings in Nova by 115.1% in the third quarter. Franklin Resources Inc. now owns 661,282 shares of the semiconductor company’s stock valued at $146,515,000 after purchasing an additional 353,906 shares during the period. Y.D. More Investments Ltd increased its position in Nova by 2,733.2% during the second quarter. Y.D. More Investments Ltd now owns 288,986 shares of the semiconductor company’s stock worth $67,510,000 after purchasing an additional 278,786 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Nova by 45.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 645,203 shares of the semiconductor company’s stock worth $151,319,000 after purchasing an additional 200,816 shares during the period. Finally, Meitav Investment House Ltd. boosted its holdings in shares of Nova by 28.1% in the 2nd quarter. Meitav Investment House Ltd. now owns 556,839 shares of the semiconductor company’s stock valued at $130,258,000 after purchasing an additional 122,218 shares during the last quarter. 82.99% of the stock is currently owned by institutional investors and hedge funds.

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.