Concentric Capital Strategies LP Buys New Stake in Nova Ltd. (NASDAQ:NVMI)

Concentric Capital Strategies LP acquired a new position in Nova Ltd. (NASDAQ:NVMI - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,118 shares of the semiconductor company's stock, valued at approximately $1,691,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NVMI. Clal Insurance Enterprises Holdings Ltd boosted its stake in Nova by 74.6% during the 3rd 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 during the last quarter. Quantbot Technologies LP raised its holdings in Nova by 131.0% in the 3rd quarter. Quantbot Technologies LP now owns 13,540 shares of the semiconductor company's stock worth $2,821,000 after purchasing an additional 7,678 shares during the period. LMR Partners LLP bought a new position in Nova in the 3rd quarter worth $15,669,000. Assenagon Asset Management S.A. raised its holdings in Nova by 29.5% during the third quarter. Assenagon Asset Management S.A. now owns 166,859 shares of the semiconductor company's stock valued at $34,940,000 after acquiring an additional 38,005 shares during the period. Finally, Semanteon Capital Management LP increased its holdings in shares of Nova by 222.2% in the third quarter. Semanteon Capital Management LP now owns 4,681 shares of the semiconductor company's stock worth $975,000 after purchasing an additional 3,228 shares during the last quarter. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

Nova Stock Performance

Shares of NVMI stock traded down $0.77 on Tuesday, reaching $189.73. 51,176 shares of the company were exchanged, compared to its average volume of 190,490. The company has a market cap of $5.51 billion, a price-to-earnings ratio of 35.54, a P/E/G ratio of 1.73 and a beta of 1.44. The business has a 50-day moving average price of $192.29 and a 200 day moving average price of $208.31. Nova Ltd. has a 1 year low of $124.42 and a 1 year high of $247.21.

Analyst Upgrades and Downgrades

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

Nova 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.