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

Nova Ltd. (NASDAQ:NVMI)’s share price gapped up prior to trading on Monday . The stock had previously closed at $204.64, but opened at $218.79. Nova shares last traded at $219.15, with a volume of 90,236 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NVMI shares. Needham & Company LLC restated a “hold” rating on shares of Nova in a research report on Friday, November 8th. Citigroup upgraded shares of Nova from a “neutral” rating to a “buy” rating and upped their price objective for the company from $226.00 to $240.00 in a research note on Monday. Finally, Benchmark lifted their target price on Nova from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $231.00.

Nova Stock Up 1.5 %

The firm has a market capitalization of $6.38 billion, a PE ratio of 40.99, a PEG ratio of 1.78 and a beta of 1.42. The business’s fifty day moving average price is $191.52 and its 200 day moving average price is $204.11.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Quarry LP boosted its holdings in Nova by 438.5% during the third quarter. Quarry LP now owns 140 shares of the semiconductor company’s stock worth $29,000 after buying an additional 114 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Nova by 89.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 78 shares in the last quarter. Employees Retirement System of Texas acquired a new stake in shares of Nova in the 2nd quarter worth approximately $68,000. Signaturefd LLC increased its stake in Nova by 31.4% in the 3rd quarter. Signaturefd LLC now owns 1,008 shares of the semiconductor company’s stock valued at $210,000 after purchasing an additional 241 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Nova during the second quarter worth $211,000. Institutional investors and hedge funds 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.