Nova Measuring Instruments Ltd. (NASDAQ: NVMI) was the target of a sharp drop in short-term interest rates in November. As of November 30, there was short interest totaling 634,100 shares, a decrease of 34.3% from the total of 964,700 shares on November 15. Based on an average daily volume of 148,100 shares, the day-to-coverage ratio is currently 4.3 days. Currently, 2.3% of the company’s shares are sold short.
A number of institutional investors have recently changed their holdings in NVMI. Millennium Management LLC purchased a new stake in Nova Measuring Instruments in the 1st quarter for a value of $ 394,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in Nova Measuring Instruments by 4.2% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,234,013 shares of the semiconductor company valued at $ 126,968,000 after purchasing an additional 50,000 shares during the period. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD acquired a new stake in Nova Measuring Instruments in the 2nd quarter for a value of $ 14,443,000. Keebeck Alpha LP purchased a new stake in Nova Measuring Instruments in the second quarter for a value of $ 248,000. Finally, Meitav Dash Investments Ltd. increased its stake in Nova Measuring Instruments by 34.0% in the 2nd quarter. Meitav Dash Investments Ltd. Now owns 585,849 shares of the semiconductor company valued at $ 60,212,000 after purchasing an additional 148,511 shares during the period. 68.37% of the shares are held by hedge funds and other institutional investors.
A number of equity research analysts have weighed on the stock recently. Bank of America raised its price target on Nova Measuring Instruments stock from $ 120.00 to $ 125 and gave the company a “buy” rating in a research report on Friday, September 17. Benchmark increased its price target for Nova Measuring Instruments stock from $ 136.00 to $ 146.00 and gave the company a “buy” rating in a research report released on Wednesday, November 17. Barclays raised its price target for Nova Measuring Instruments stock from $ 120.00 to $ 125 and rated the company “overweight” in a research report released on Friday, September 17. Zacks Investment Research raised shares of Nova Measuring Instruments from a “hold” rating to a “buy” rating and set a price target of $ 142.00 for the company in a research report released on Friday, November 12. Finally, Needham & Company LLC increased its price target for the Nova Measuring Instruments stock from $ 135.00 to $ 150.00 and assigned the stock a “buy” rating in a research report released on Wednesday 17 November. Eight analysts rated the stock with a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $ 125.13.
NASDAQ: NVMI opened at $ 128.37 on Friday. Nova Measuring Instruments has a 1 year low of $ 67.75 and a 1 year high of $ 141.68. The company’s fifty-day simple moving average is $ 119.98 and its 200-day simple moving average is $ 106.68. The company has a market cap of $ 3.66 billion, a PE ratio of 44.88, a PEG ratio of 1.13 and a beta of 1.05.
Nova Measuring Instruments (NASDAQ: NVMI) last released its quarterly results on Thursday, November 4. The semiconductor company reported earnings per share of $ 1.16 for the quarter, beating consensus analysts’ estimates of $ 0.92 by $ 0.24. Nova Measuring Instruments had a net margin of 22.79% and a return on equity of 22.05%. The company posted revenue of $ 112.70 million in the quarter, compared to a consensus estimate of $ 102.81 million. During the same period of the previous year, the company achieved EPS of $ 0.52. The company’s revenue increased 62.2% year-on-year. Equity analysts predict that Nova Measuring Instruments will post 3.55 EPS for the current fiscal year.
Company Profile Nova Measuring Instruments
Nova Ltd. is committed to providing metrology solutions for the semiconductor manufacturing industry. Its products and services include dimensional metrology, in-line materials metrology for semiconductor manufacturing, and software modeling. The company was founded by Giora Dishon and Moshe Finarov in May 1993 and is headquartered in Rehovot, Israel.
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