Nova Ltd. $NVMI Shares Sold by Tidal Investments LLC

Tidal Investments LLC trimmed its holdings in shares of Nova Ltd. (NASDAQ:NVMI) by 22.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,127 shares of the semiconductor company’s stock after selling 3,000 shares during the period. Tidal Investments LLC’s holdings in Nova were worth $5,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC purchased a new position in shares of Nova in the 4th quarter valued at about $29,000. Allworth Financial LP purchased a new stake in Nova during the second quarter worth approximately $38,000. IFP Advisors Inc lifted its stake in Nova by 688.9% during the second quarter. IFP Advisors Inc now owns 71 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 62 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in Nova in the third quarter valued at approximately $40,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Nova by 75.7% in the third quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 56 shares in the last quarter. 82.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NVMI has been the topic of a number of research analyst reports. Weiss Ratings cut shares of Nova from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Evercore set a $475.00 target price on shares of Nova in a report on Friday, August 7th. Needham & Company LLC dropped their target price on shares of Nova from $640.00 to $570.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Jefferies Financial Group reiterated a “buy” rating and set a $600.00 price target on shares of Nova in a research note on Thursday, August 6th. Finally, Cantor Fitzgerald reduced their price target on shares of Nova from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Nova presently has a consensus rating of “Moderate Buy” and an average price target of $514.44.

Nova Stock Performance

NVMI stock opened at $371.81 on Monday. The company has a market capitalization of $11.82 billion, a P/E ratio of 46.02, a PEG ratio of 1.85 and a beta of 1.76. Nova Ltd. has a twelve month low of $266.43 and a twelve month high of $615.99. The business has a 50 day simple moving average of $404.32 and a 200-day simple moving average of $462.11.

Nova (NASDAQ:NVMI) last announced its earnings results on Friday, August 7th. The semiconductor company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.10. The business had revenue of $254.96 million for the quarter, compared to analysts’ expectations of $250.33 million. Nova had a net margin of 28.84% and a return on equity of 21.41%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.20 EPS. Research analysts predict that Nova Ltd. will post 9.89 EPS for the current fiscal year.

Nova declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 2nd that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 1.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Nova

In other news, Director Yaniv Garty sold 366 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $581.20, for a total transaction of $212,719.20. Following the completion of the sale, the director owned 2,006 shares in the company, valued at approximately $1,165,887.20. This represents a 15.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eitan Oppenhaim sold 1,290 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $581.20, for a total transaction of $749,748.00. Following the sale, the director owned 6,421 shares of the company’s stock, valued at $3,731,885.20. This trade represents a 16.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 6,942 shares of company stock valued at $3,419,027 over the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

About Nova

Nova Ltd. (NASDAQ: NVMI) is an Israel-based provider of metrology and process-control solutions for the semiconductor manufacturing industry. The company develops systems that help chip manufacturers measure and control critical process parameters during wafer fabrication, supporting the production of increasingly small and complex semiconductor devices.

Nova’s product portfolio includes optical and x-ray metrology systems, dimensional and materials measurement solutions, chemical metrology tools, and integrated metrology systems that can be incorporated into semiconductor production equipment.