Nova (NASDAQ:NVMI) Sets New 12-Month High – Here’s Why

Nova Ltd. (NASDAQ:NVMI)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $266.13 and last traded at $256.88, with a volume of 342839 shares. The stock had previously closed at $258.49.

Analyst Upgrades and Downgrades

NVMI has been the subject of a number of recent analyst reports. Benchmark raised their price objective on Nova from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “hold” rating on shares of Nova in a report on Friday, November 8th. Citigroup upgraded Nova from a “neutral” rating to a “buy” rating and raised their target price for the company from $226.00 to $240.00 in a report on Monday, January 6th. Finally, Cantor Fitzgerald began coverage on Nova in a report on Monday, January 13th. They set an “overweight” rating and a $275.00 target price for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Nova presently has an average rating of “Moderate Buy” and a consensus price target of $238.33.

Nova Trading Up 0.2 %

The firm has a 50 day moving average price of $203.52 and a 200-day moving average price of $204.79. The firm has a market cap of $7.33 billion, a PE ratio of 47.09, a PEG ratio of 2.10 and a beta of 1.42.

Hedge Funds Weigh In On Nova

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its stake in Nova by 12.2% during the second quarter. Envestnet Asset Management Inc. now owns 9,153 shares of the semiconductor company’s stock worth $2,147,000 after purchasing an additional 993 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Nova by 5.0% during the second quarter. Evergreen Capital Management LLC now owns 1,230 shares of the semiconductor company’s stock worth $288,000 after purchasing an additional 59 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in Nova by 247.8% during the second quarter. Cubist Systematic Strategies LLC now owns 20,164 shares of the semiconductor company’s stock worth $4,729,000 after purchasing an additional 14,367 shares during the last quarter. Employees Retirement System of Texas purchased a new stake in Nova during the second quarter worth approximately $68,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Nova during the second quarter worth approximately $211,000. Hedge funds and other institutional investors 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.