Nova (NASDAQ:NVMI) Issues Q3 2024 Earnings Guidance

Nova (NASDAQ:NVMI) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.600-1.730 for the period, compared to the consensus EPS estimate of 1.390. The company issued revenue guidance of $168.0 million-$176.0 million, compared to the consensus revenue estimate of $152.8 million. Nova also updated its Q3 guidance to $1.60-1.73 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Evercore ISI assumed coverage on Nova in a research note on Tuesday, April 16th. They issued an outperform rating and a $210.00 price objective for the company. Citigroup raised their price objective on Nova from $223.00 to $273.00 and gave the company a buy rating in a research note on Monday, July 15th. Bank of America raised their price objective on Nova from $190.00 to $220.00 and gave the company a buy rating in a research note on Friday, May 10th. Jefferies Financial Group assumed coverage on Nova in a research note on Monday, May 13th. They issued a buy rating and a $240.00 price objective for the company. Finally, Benchmark raised their price objective on Nova from $215.00 to $240.00 and gave the company a buy rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $236.60.

Nova Price Performance

Shares of NVMI stock traded up $9.22 during trading hours on Friday, reaching $225.44. The company had a trading volume of 297,355 shares, compared to its average volume of 182,418. Nova has a 12 month low of $90.59 and a 12 month high of $247.21. The business has a fifty day simple moving average of $220.87 and a 200-day simple moving average of $191.19. The company has a market cap of $6.55 billion, a price-to-earnings ratio of 51.94, a price-to-earnings-growth ratio of 2.75 and a beta of 1.47.

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

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.