Nova (NASDAQ:NVMI) Stock Price Down 2.8% – Here’s What Happened

Nova Ltd. (NASDAQ:NVMI) shares were down 2.8% during trading on Wednesday . The company traded as low as $168.03 and last traded at $169.68. Approximately 100,781 shares traded hands 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.

Analysts Set New Price Targets

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

Nova Stock Down 1.2 %

The business has a fifty day moving average of $192.84 and a 200 day moving average of $208.31. The firm has a market cap of $5.01 billion, a P/E ratio of 32.16, a P/E/G ratio of 1.63 and a beta of 1.47.

Institutional Trading of Nova

A number of hedge funds have recently modified their holdings of NVMI. Clal Insurance Enterprises Holdings Ltd increased 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 valued at $267,487,000 after purchasing an additional 547,833 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Nova by 6.5% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,273,985 shares of the semiconductor company’s stock valued at $265,422,000 after buying an additional 78,000 shares in the last quarter. Vanguard Group Inc. raised its stake in Nova by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 987,071 shares of the semiconductor company’s stock worth $175,087,000 after buying an additional 14,115 shares during the period. Franklin Resources Inc. grew its stake in Nova by 115.1% in the third quarter. Franklin Resources Inc. now owns 661,282 shares of the semiconductor company’s stock valued at $146,515,000 after acquiring an additional 353,906 shares during the period. Finally, Meitav Investment House Ltd. increased its holdings in shares of 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. 82.99% of the stock is currently owned by institutional investors and hedge funds.

About Nova

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.