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

Nova Ltd. (NASDAQ:NVMI) shares gapped up prior to trading on Thursday . The stock had previously closed at $232.66, but opened at $241.60. Nova shares last traded at $241.42, with a volume of 30,505 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NVMI shares. Cantor Fitzgerald initiated coverage on shares of Nova in a report on Monday. They issued an “overweight” rating and a $275.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Nova in a report on Friday, November 8th. Benchmark boosted their price target on Nova from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Citigroup upgraded Nova from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $226.00 to $240.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Nova currently has an average rating of “Moderate Buy” and a consensus target price of $238.33.

Nova Price Performance

The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 45.06, a P/E/G ratio of 1.81 and a beta of 1.42. The firm’s fifty day moving average price is $195.79 and its 200-day moving average price is $203.93.

Hedge Funds Weigh In On Nova

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