Nova (NASDAQ:NVMI) Issues Q3 2024 Earnings Guidance

Nova (NASDAQ:NVMI) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.600-1.730 for the period, compared to the consensus EPS estimate of 1.390. The company issued revenue guidance of $168.0 million-$176.0 million, compared to the consensus revenue estimate of $152.8 million. Nova also updated its Q3 guidance to $1.60-1.73 EPS.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Evercore ISI started coverage on Nova in a report on Tuesday, April 16th. They set an outperform rating and a $210.00 target price on the stock. Citigroup raised their price target on Nova from $223.00 to $273.00 and gave the stock a buy rating in a research report on Monday, July 15th. Jefferies Financial Group started coverage on Nova in a research report on Monday, May 13th. They set a buy rating and a $240.00 price target on the stock. Needham & Company LLC reaffirmed a hold rating on shares of Nova in a research report on Friday, May 10th. Finally, Benchmark raised their price target on Nova from $215.00 to $240.00 and gave the stock a buy rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $236.60.

Nova Stock Performance

Nova stock traded up $9.22 during midday trading on Friday, reaching $225.44. The stock had a trading volume of 297,355 shares, compared to its average volume of 182,418. The firm’s fifty day simple moving average is $220.87 and its 200-day simple moving average is $191.19. Nova has a 1-year low of $90.59 and a 1-year high of $247.21. The stock has a market capitalization of $6.55 billion, a P/E ratio of 51.94, a price-to-earnings-growth ratio of 2.75 and a beta of 1.47.

Nova (NASDAQ:NVMI) last announced its earnings results on Thursday, May 9th. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.29. Nova had a return on equity of 19.89% and a net margin of 26.26%. The business had revenue of $141.80 million for the quarter, compared to analyst estimates of $136.78 million. During the same quarter last year, the firm earned $1.12 EPS. Nova’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Nova will post 4.79 earnings per share for the current fiscal 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.