Seven Eight Capital LP Buys Shares of 1,349 Nova Ltd. (NASDAQ:NVMI)

Seven Eight Capital LP purchased a new stake in shares of Nova Ltd. (NASDAQ:NVMI) during the second quarter, Holdings Channel.com reports. The fund purchased 1,349 shares of the semiconductor company’s stock, valued at approximately $316,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Nova during the fourth quarter worth about $9,409,000. UBS Group AG boosted its holdings in Nova by 20.9% in the 4th quarter. UBS Group AG now owns 52,423 shares of the semiconductor company’s stock worth $7,202,000 after buying an additional 9,058 shares during the period. D.A. Davidson & CO. bought a new position in Nova in the 4th quarter worth approximately $210,000. Olympiad Research LP bought a new stake in Nova during the 4th quarter valued at $282,000. Finally, Evoke Wealth LLC bought a new stake in Nova during the 4th quarter valued at $2,754,000. Institutional investors own 82.99% of the company’s stock.

Nova Stock Performance

Shares of NVMI stock opened at $200.39 on Monday. The company has a market capitalization of $5.82 billion, a PE ratio of 46.17, a price-to-earnings-growth ratio of 2.49 and a beta of 1.46. Nova Ltd. has a 52-week low of $90.59 and a 52-week high of $247.21. The business’s fifty day moving average is $210.01 and its 200 day moving average is $202.82.

Nova (NASDAQ:NVMI) last released its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.43. Nova had a return on equity of 20.76% and a net margin of 27.38%. The firm had revenue of $156.86 million for the quarter, compared to analysts’ expectations of $148.12 million. During the same quarter last year, the firm posted $0.97 EPS. The company’s revenue was up 27.8% compared to the same quarter last year. On average, sell-side analysts forecast that Nova Ltd. will post 5.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Benchmark raised their price target on Nova from $215.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Citigroup lowered Nova from a “buy” rating to a “neutral” rating and reduced their target price for the company from $273.00 to $224.00 in a report on Monday, September 16th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $226.80.

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.