Nova (NASDAQ:NVMI) Announces Earnings Results, Beats Estimates By $0.26 EPS

Nova (NASDAQ:NVMIGet Rating) announced its quarterly earnings results on Thursday. The semiconductor company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.26, MarketWatch Earnings reports. The company had revenue of $134.00 million for the quarter, compared to analysts’ expectations of $126.76 million. Nova had a net margin of 22.37% and a return on equity of 24.52%. Nova’s revenue was up 59.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 EPS. Nova updated its Q2 2022 guidance to $1.09-$1.23 EPS and its Q2 guidance to $1.09-1.23 EPS.

Shares of NASDAQ NVMI traded up $3.93 during midday trading on Thursday, hitting $95.38. 5,106 shares of the company’s stock traded hands, compared to its average volume of 162,643. Nova has a 1 year low of $83.46 and a 1 year high of $149.15. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 30.78, a price-to-earnings-growth ratio of 0.81 and a beta of 1.19. The firm has a fifty day moving average of $103.83 and a 200 day moving average of $117.36.

A number of equities analysts recently issued reports on NVMI shares. Zacks Investment Research upgraded shares of Nova from a “sell” rating to a “buy” rating and set a $113.00 price target on the stock in a research note on Wednesday, April 27th. StockNews.com started coverage on shares of Nova in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Needham & Company LLC lowered their target price on shares of Nova from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Finally, Citigroup lowered their target price on shares of Nova from $146.00 to $142.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $132.71.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVMI. Royal Bank of Canada increased its position in shares of Nova by 26.7% during the 2nd quarter. Royal Bank of Canada now owns 1,187 shares of the semiconductor company’s stock valued at $122,000 after purchasing an additional 250 shares during the last quarter. Citigroup Inc. increased its position in shares of Nova by 14.3% during the 1st quarter. Citigroup Inc. now owns 10,293 shares of the semiconductor company’s stock valued at $1,120,000 after purchasing an additional 1,287 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Nova by 565.1% during the 2nd quarter. Morgan Stanley now owns 95,734 shares of the semiconductor company’s stock valued at $9,850,000 after purchasing an additional 81,340 shares during the last quarter. 78.65% of the stock is owned by hedge funds and other institutional investors.

About Nova (Get Rating)

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.

Further Reading

Earnings History for Nova (NASDAQ:NVMI)

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