Nova (NASDAQ:NVMI) Trading Down 6.2% – What’s Next?

Shares of Nova Ltd. (NASDAQ:NVMI) fell 6.2% on Tuesday . The company traded as low as $206.16 and last traded at $207.93. 36,304 shares were traded during mid-day trading, a decline of 80% from the average session volume of 179,336 shares. The stock had previously closed at $221.56.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Benchmark raised their price target on shares of Nova from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Citigroup lowered shares of Nova from a “buy” rating to a “neutral” rating and cut their target price for the company from $273.00 to $224.00 in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Nova currently has an average rating of “Moderate Buy” and an average price target of $226.80.

Nova Stock Down 0.7 %

The company has a market cap of $5.44 billion, a PE ratio of 43.13, a PEG ratio of 2.08 and a beta of 1.46. The company has a 50-day moving average of $210.97 and a 200-day moving average of $206.27.

Nova (NASDAQ:NVMI) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.43. The business had revenue of $156.86 million for the quarter, compared to analyst estimates of $148.12 million. Nova had a return on equity of 20.76% and a net margin of 27.38%. Nova’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same period last year, the company posted $0.97 earnings per share. As a group, equities analysts predict that Nova Ltd. will post 5.63 EPS for the current year.

Institutional Trading of Nova

Institutional investors have recently added to or reduced their stakes in the business. Employees Retirement System of Texas purchased a new stake in shares of Nova during the second quarter worth about $68,000. FSC Wealth Advisors LLC purchased a new stake in Nova in the second quarter worth $79,000. Signaturefd LLC increased its position in shares of Nova by 15.9% during the second quarter. Signaturefd LLC now owns 767 shares of the semiconductor company’s stock valued at $180,000 after buying an additional 105 shares during the period. Russell Investments Group Ltd. raised its stake in Nova by 46.2% in the first 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 in the last quarter. Finally, OLD National Bancorp IN purchased a new stake in Nova in the second quarter worth about $205,000. 82.99% of the stock is currently owned by hedge funds and other 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.