Nova (NASDAQ:NVMI) Trading Down 2.8% – Time to Sell?

Nova Ltd. (NASDAQ:NVMI)’s share price dropped 2.8% during trading on Wednesday . The company traded as low as $168.03 and last traded at $169.68. Approximately 100,781 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 190,145 shares. The stock had previously closed at $174.53.

Wall Street Analyst Weigh In

NVMI has been the subject of a number of research analyst reports. Citigroup lowered Nova from a “buy” rating to a “neutral” rating and decreased their target price for the company from $273.00 to $224.00 in a research report on Monday, September 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of Nova in a research report on Friday, November 8th. Finally, Benchmark boosted their target price on Nova from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $227.80.

Nova Stock Performance

The firm has a market cap of $4.97 billion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 1.66 and a beta of 1.47. The business has a 50 day simple moving average of $193.90 and a 200-day simple moving average of $208.81.

Hedge Funds Weigh In On Nova

Institutional investors have recently modified their holdings of the business. Quarry LP grew its holdings in shares of Nova by 438.5% in the third quarter. Quarry LP now owns 140 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in Nova by 89.7% in the third quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 78 shares during the last quarter. Employees Retirement System of Texas purchased a new position in Nova in the second quarter valued at approximately $68,000. FSC Wealth Advisors LLC purchased a new position in Nova in the second quarter valued at approximately $79,000. Finally, Signaturefd LLC lifted its stake in Nova by 15.9% in the second quarter. Signaturefd LLC now owns 767 shares of the semiconductor company’s stock valued at $180,000 after purchasing an additional 105 shares during the last quarter. 82.99% of the stock is owned by institutional investors.

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.