Nova (NASDAQ:NVMI) Shares Gap Up – Should You Buy?

Nova Ltd. (NASDAQ:NVMI) gapped up prior to trading on Wednesday . The stock had previously closed at $229.09, but opened at $237.24. Nova shares last traded at $232.58, with a volume of 47,153 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NVMI shares. Citigroup upgraded Nova from a “neutral” rating to a “buy” rating and lifted their price target for the company from $226.00 to $240.00 in a research note on Monday, January 6th. Benchmark increased their price objective on Nova from $240.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Cantor Fitzgerald started coverage on Nova in a report on Monday, January 13th. They issued an “overweight” rating and a $275.00 target price for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Nova in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $238.33.

Nova Price Performance

The firm’s 50 day simple moving average is $205.46 and its two-hundred day simple moving average is $204.13. The firm has a market capitalization of $6.68 billion, a P/E ratio of 42.83, a P/E/G ratio of 2.10 and a beta of 1.42.

Institutional Trading of Nova

Several hedge funds and other institutional investors have recently bought and sold shares of NVMI. Clal Insurance Enterprises Holdings Ltd raised its stake in Nova by 74.6% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,281,869 shares of the semiconductor company’s stock worth $267,487,000 after buying an additional 547,833 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Nova by 115.1% in the 3rd quarter. Franklin Resources Inc. now owns 661,282 shares of the semiconductor company’s stock worth $146,515,000 after buying an additional 353,906 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in Nova by 7.6% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,370,985 shares of the semiconductor company’s stock valued at $270,015,000 after buying an additional 97,000 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Nova during the third quarter valued at $19,659,000. Finally, Meitav Investment House Ltd. boosted its holdings in Nova by 16.3% in the third quarter. Meitav Investment House Ltd. now owns 647,722 shares of the semiconductor company’s stock worth $135,513,000 after acquiring an additional 90,883 shares in the last quarter. 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.