Nova (NASDAQ:NVMI) Shares Gap Down – Here’s Why

Nova Ltd. (NASDAQ:NVMI) shares gapped down before the market opened on Monday . The stock had previously closed at $252.38, but opened at $227.03. Nova shares last traded at $222.48, with a volume of 119,540 shares.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NVMI shares. Citigroup raised 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. Cantor Fitzgerald assumed coverage on Nova in a report on Monday, January 13th. They issued an “overweight” rating and a $275.00 price target for the company. Needham & Company LLC reissued a “hold” rating on shares of Nova in a report on Friday, November 8th. Finally, 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 note on Friday, November 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.33.

Nova Trading Down 13.5 %

The business has a 50 day moving average price of $203.52 and a 200-day moving average price of $204.24. The company has a market cap of $6.34 billion, a P/E ratio of 40.86, a PEG ratio of 2.10 and a beta of 1.42.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in Nova by 12.2% during the second quarter. Envestnet Asset Management Inc. now owns 9,153 shares of the semiconductor company’s stock worth $2,147,000 after buying an additional 993 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Nova during the 2nd quarter worth approximately $211,000. Creative Planning boosted its stake in Nova by 4.5% in the 2nd quarter. Creative Planning now owns 3,567 shares of the semiconductor company’s stock valued at $837,000 after purchasing an additional 155 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Nova by 70.4% during the second quarter. Cetera Investment Advisers now owns 6,018 shares of the semiconductor company’s stock worth $1,411,000 after buying an additional 2,486 shares in the last quarter. Finally, Maven Securities LTD bought a new stake in shares of Nova in the second quarter valued at about $227,000. Institutional investors own 82.99% of the company’s stock.

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.