Nova (NASDAQ:NVMI) Stock Price Down 6.5% After Analyst Downgrade

Shares of Nova Ltd. (NASDAQ:NVMI) fell 6.5% during mid-day trading on Wednesday after Bank of America lowered their price target on the stock from $310.00 to $248.00. Bank of America currently has a buy rating on the stock. Nova traded as low as $174.65 and last traded at $174.70. 34,720 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 225,194 shares. The stock had previously closed at $186.78.

Several other research firms have also commented on NVMI. Benchmark upped their price target on shares of Nova from $245.00 to $295.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC reiterated a “hold” rating on shares of Nova in a research note on Friday, February 14th. Citigroup upgraded Nova from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $226.00 to $240.00 in a research note on Monday, January 6th. Finally, Cantor Fitzgerald lowered their target price on Nova from $315.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday, March 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $264.60.

Institutional Investors Weigh In On Nova

A number of institutional investors and hedge funds have recently bought and sold shares of NVMI. Steward Partners Investment Advisory LLC raised its stake in Nova by 24.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 401 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 78 shares during the period. Quarry LP grew its holdings in Nova by 187.1% during the 4th quarter. Quarry LP now owns 402 shares of the semiconductor company’s stock valued at $79,000 after buying an additional 262 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Nova during the fourth quarter valued at approximately $112,000. Quadrant Capital Group LLC lifted its holdings in shares of Nova by 5.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,030 shares of the semiconductor company’s stock worth $203,000 after buying an additional 51 shares in the last quarter. Finally, Advisory Services Network LLC boosted its position in shares of Nova by 5.0% during the fourth quarter. Advisory Services Network LLC now owns 1,149 shares of the semiconductor company’s stock worth $226,000 after acquiring an additional 55 shares during the last quarter. 82.99% of the stock is owned by institutional investors.

Nova Stock Up 0.6 %

The company has a market capitalization of $5.14 billion, a PE ratio of 30.60, a PEG ratio of 2.55 and a beta of 1.63. The company’s 50 day moving average is $213.55 and its two-hundred day moving average is $207.85.

Nova (NASDAQ:NVMI) last issued its earnings results on Thursday, February 13th. The semiconductor company reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.04). Nova had a return on equity of 22.33% and a net margin of 27.33%. The firm had revenue of $194.77 million during the quarter, compared to the consensus estimate of $186.50 million. Analysts forecast that Nova Ltd. will post 7.52 EPS 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.