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

Shares of Nova Ltd. (NASDAQ:NVMI) 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NVMI shares. Bank of America raised their price target on Nova from $380.00 to $450.00 and gave the stock a “buy” rating in a report on Tuesday. Benchmark boosted their target price on Nova from $280.00 to $345.00 and gave the company a “buy” rating in a report on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nova in a research report on Monday, December 22nd. Evercore ISI boosted their price objective on shares of Nova from $290.00 to $340.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Finally, Jefferies Financial Group raised their target price on shares of Nova from $360.00 to $390.00 and gave the stock a “buy” rating in a research note on Monday, December 15th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $348.57.

Nova Price Performance

The company has a quick ratio of 4.00, a current ratio of 4.58 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $328.09 and a two-hundred day simple moving average of $304.44. The company has a market cap of $13.13 billion, a price-to-earnings ratio of 58.45, a price-to-earnings-growth ratio of 2.44 and a beta of 1.84.

Hedge Funds Weigh In On Nova

A number of institutional investors have recently modified their holdings of NVMI. Measured Wealth Private Client Group LLC acquired a new stake in Nova during the third quarter worth approximately $40,000. CIBC Private Wealth Group LLC lifted its stake in shares of Nova by 75.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 56 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Nova by 51.9% during the second quarter. SBI Securities Co. Ltd. now owns 164 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 56 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Nova by 2,042.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 143 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Nova by 182.7% in the second quarter. Parallel Advisors LLC now owns 212 shares of the semiconductor company’s stock valued at $58,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 82.99% of the company’s stock.

About Nova

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.