Nova (NASDAQ:NVMI) Issues Q3 Earnings Guidance

Nova (NASDAQ:NVMI – Get Rating) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $1.06-1.25 for the period, compared to the consensus EPS estimate of $1.15. The company issued revenue guidance of $137-147 million, compared to the consensus revenue estimate of $138.12 million. Nova also updated its Q3 2022 guidance to $1.06-$1.25 EPS.

Nova Trading Down 0.9 %

Shares of NASDAQ:NVMI traded down $1.03 on Friday, reaching $107.62. 67,325 shares of the company were exchanged, compared to its average volume of 96,890. Nova has a 1-year low of $81.63 and a 1-year high of $149.15. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 27.52, a price-to-earnings-growth ratio of 3.15 and a beta of 1.27. The company has a 50-day moving average of $97.60 and a 200-day moving average of $103.76.

Nova (NASDAQ:NVMI – Get Rating) last issued its quarterly earnings data on Thursday, May 12th. The semiconductor company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.25. The firm had revenue of $134.00 million for the quarter, compared to analysts’ expectations of $126.76 million. Nova had a net margin of 23.85% and a return on equity of 28.96%. The firm’s revenue was up 59.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 EPS. As a group, analysts forecast that Nova will post 4.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Bank of America cut their price objective on shares of Nova from $140.00 to $115.00 and set a buy rating on the stock in a report on Wednesday, June 29th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $131.60.

Institutional Investors Weigh In On Nova

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its stake in Nova by 554.3% during the 1st quarter. BlackRock Inc. now owns 42,844 shares of the semiconductor company’s stock valued at $4,664,000 after acquiring an additional 36,296 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Nova by 21.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 91,434 shares of the semiconductor company’s stock valued at $9,955,000 after buying an additional 15,975 shares during the last quarter. Walleye Capital LLC lifted its holdings in Nova by 554.4% in the 1st quarter. Walleye Capital LLC now owns 17,570 shares of the semiconductor company’s stock worth $1,913,000 after purchasing an additional 14,885 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Nova by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 839,822 shares of the semiconductor company’s stock worth $91,439,000 after purchasing an additional 11,224 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in Nova in the 1st quarter worth approximately $957,000. 78.65% of the stock is currently owned by institutional investors.

About Nova

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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.