Analysts Offer Predictions for Nova FY2024 Earnings

Nova Ltd. (NASDAQ:NVMI - Free Report) - Equities researchers at Cantor Fitzgerald issued their FY2024 earnings per share estimates for shares of Nova in a research note issued to investors on Monday, January 13th. Cantor Fitzgerald analyst M. Prisco anticipates that the semiconductor company will post earnings per share of $5.78 for the year. Cantor Fitzgerald currently has a "Overweight" rating and a $275.00 price target on the stock. The consensus estimate for Nova's current full-year earnings is $5.78 per share.

A number of other analysts have also recently issued reports on the company. Citigroup upgraded Nova from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $226.00 to $240.00 in a report on Monday, January 6th. Needham & Company LLC reiterated a "hold" rating on shares of Nova in a report on Friday, November 8th. Finally, Benchmark upped 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $238.33.

Nova Trading Up 4.2 %

NASDAQ:NVMI traded up $9.67 on Thursday, hitting $242.33. 196,734 shares of the stock were exchanged, compared to its average volume of 218,463. The stock has a fifty day moving average of $196.51 and a 200-day moving average of $204.19. The stock has a market cap of $7.04 billion, a PE ratio of 45.21, a PEG ratio of 1.81 and a beta of 1.42. Nova has a fifty-two week low of $129.39 and a fifty-two week high of $249.01.

Hedge Funds Weigh In On Nova

Institutional investors have recently modified their holdings of the stock. Quarry LP lifted its stake in Nova by 438.5% in the third quarter. Quarry LP now owns 140 shares of the semiconductor company's stock valued at $29,000 after buying an additional 114 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Nova by 89.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company's stock worth $34,000 after acquiring an additional 78 shares during the period. Employees Retirement System of Texas acquired a new position in Nova during the second quarter valued at approximately $68,000. The Manufacturers Life Insurance Company bought a new stake in shares of Nova during the second quarter worth about $211,000. Finally, Maven Securities LTD bought a new position in Nova during the 2nd quarter worth approximately $227,000. 82.99% of the stock is owned by institutional investors.

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.