Nova (NASDAQ:NVMI) Updates Q3 Earnings Guidance

Nova (NASDAQ:NVMI) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.60-1.73 for the period, compared to the consensus earnings per share estimate of $1.36. The company issued revenue guidance of $168-176 million, compared to the consensus revenue estimate of $152.84 million. Nova also updated its Q3 2024 guidance to 1.600-1.730 EPS.

Wall Street Analyst Weigh In

NVMI has been the subject of a number of analyst reports. Citigroup boosted their price objective on Nova from $223.00 to $273.00 and gave the company a buy rating in a research report on Monday, July 15th. Needham & Company LLC restated a hold rating on shares of Nova in a research report on Friday, May 10th. Evercore ISI initiated coverage on Nova in a research report on Tuesday, April 16th. They set an outperform rating and a $210.00 price objective for the company. Jefferies Financial Group initiated coverage on Nova in a research report on Monday, May 13th. They set a buy rating and a $240.00 price objective for the company. Finally, Benchmark boosted their price objective on Nova from $215.00 to $240.00 and gave the company a buy rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $236.60.

Nova Price Performance

Shares of NVMI traded up $9.22 during midday trading on Friday, reaching $225.44. The stock had a trading volume of 297,355 shares, compared to its average volume of 182,418. Nova has a 52 week low of $90.59 and a 52 week high of $247.21. The firm’s 50 day moving average price is $220.87 and its 200-day moving average price is $191.19. The company has a market capitalization of $6.55 billion, a P/E ratio of 51.94, a P/E/G ratio of 2.75 and a beta of 1.47.

Nova (NASDAQ:NVMI) last posted its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.29. Nova had a return on equity of 19.89% and a net margin of 26.26%. The company had revenue of $141.80 million for the quarter, compared to the consensus estimate of $136.78 million. During the same quarter in the previous year, the business earned $1.12 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that Nova will post 4.79 earnings per share for the current year.

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.