Nova (NASDAQ:NVMI) Shares Gap Up – Time to Buy?

Nova Ltd. (NASDAQ:NVMI) shares gapped up prior to trading on Thursday . The stock had previously closed at $413.04, but opened at $438.93. Nova shares last traded at $439.49, with a volume of 93,937 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Morgan Stanley started coverage on Nova in a research note on Monday, December 1st. They issued an “equal weight” rating and a $335.00 target price on the stock. Jefferies Financial Group lifted their price objective on shares of Nova from $360.00 to $390.00 and gave the stock a “buy” rating in a research report on Monday, December 15th. Benchmark raised their target price on shares of Nova from $280.00 to $345.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Bank of America increased their price objective on Nova from $380.00 to $450.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Evercore ISI boosted their target price on Nova from $290.00 to $340.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Nova currently has an average rating of “Moderate Buy” and an average price target of $348.57.

Nova Trading Up 2.6%

The firm has a market cap of $13.10 billion, a PE ratio of 58.26, a P/E/G ratio of 2.62 and a beta of 1.84. The company has a debt-to-equity ratio of 0.62, a quick ratio of 4.00 and a current ratio of 4.58. The company has a 50 day simple moving average of $333.26 and a two-hundred day simple moving average of $306.52.

Institutional Trading of Nova

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wasatch Advisors LP raised its stake in shares of Nova by 4.9% during the 2nd quarter. Wasatch Advisors LP now owns 2,200,948 shares of the semiconductor company’s stock valued at $605,701,000 after buying an additional 102,250 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd lifted its holdings in Nova by 3.9% in the second quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,549,154 shares of the semiconductor company’s stock valued at $428,980,000 after acquiring an additional 58,600 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in Nova by 13.1% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,437,657 shares of the semiconductor company’s stock worth $395,643,000 after purchasing an additional 166,672 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Nova by 6.4% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,428,607 shares of the semiconductor company’s stock worth $456,669,000 after purchasing an additional 86,438 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Nova by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,113,762 shares of the semiconductor company’s stock valued at $354,172,000 after purchasing an additional 10,441 shares in the last quarter. Institutional investors and hedge funds own 82.99% of the company’s stock.

Nova Company Profile

Nova Measuring Instruments Ltd (NASDAQ: NVMI) develops and supplies advanced metrology and process control systems for the semiconductor manufacturing industry. The company’s core product line includes spectroscopic ellipsometry and scatterometry tools designed to measure film thickness, critical dimensions, overlay alignment and other key parameters that drive yield and performance in integrated circuit fabrication.

Founded in 1993 and headquartered in Rehovot, Israel, Nova Measuring Instruments has established itself as a critical partner to leading semiconductor foundries and device manufacturers.