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

Shares of Nova Ltd. (NASDAQ:NVMI) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $194.51 and last traded at $193.64, with a volume of 104273 shares trading 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. Nova had a net margin of 26.32% and a return on equity of 20.55%. The firm had revenue of $141.80 million for the quarter, compared to analyst estimates of $136.78 million. During the same quarter in the prior year, the firm earned $1.12 EPS. The company’s revenue was up 7.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Benchmark upped their target price on shares of Nova from $150.00 to $187.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Evercore ISI assumed coverage on shares of Nova in a research report on Tuesday, April 16th. They set an “outperform” rating and a $210.00 target price on the stock.

Institutional Trading of Nova

Hedge funds have recently modified their holdings of the company. Asset Dedication LLC acquired a new stake in shares of Nova in the 3rd quarter valued at approximately $34,000. Signaturefd LLC raised its position in shares of Nova by 20.6% in the 3rd quarter. Signaturefd LLC now owns 672 shares of the semiconductor company’s stock valued at $76,000 after acquiring an additional 115 shares during the period. Russell Investments Group Ltd. raised its holdings in Nova by 46.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,038 shares of the semiconductor company’s stock worth $184,000 after buying an additional 328 shares during the period. Cerity Partners LLC acquired a new stake in Nova during the 4th quarter worth approximately $201,000. Finally, D.A. Davidson & CO. acquired a new stake in Nova during the 4th quarter worth approximately $210,000. 82.99% of the stock is currently owned by institutional investors and hedge funds.

Nova Stock Performance

The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 45.23, a P/E/G ratio of 6.76 and a beta of 1.40. The firm’s fifty day simple moving average is $175.42 and its 200 day simple moving average is $147.32.

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.