Nova Measuring Instruments (NASDAQ:NVMI) Raised to “Buy” at BidaskClub

BidaskClub upgraded shares of Nova Measuring Instruments (NASDAQ:NVMI) from a hold rating to a buy rating in a research report report published on Friday, BidAskClub reports.

A number of other research firms have also weighed in on NVMI. Zacks Investment Research raised Nova Measuring Instruments from a strong sell rating to a hold rating in a report on Wednesday, July 3rd. Needham & Company LLC reissued a buy rating and set a $34.00 target price on shares of Nova Measuring Instruments in a report on Sunday, August 11th. ValuEngine raised Nova Measuring Instruments from a hold rating to a buy rating in a report on Tuesday, July 23rd. Finally, Lake Street Capital reaffirmed a buy rating and issued a $30.00 price objective (up from $28.00) on shares of Nova Measuring Instruments in a report on Thursday, May 2nd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Nova Measuring Instruments has an average rating of Buy and a consensus target price of $33.00.

NVMI stock opened at $28.70 on Friday. The firm has a market capitalization of $802.60 million, a PE ratio of 14.64 and a beta of 1.05. Nova Measuring Instruments has a 1-year low of $20.83 and a 1-year high of $30.46. The business’s 50 day simple moving average is $27.07 and its 200 day simple moving average is $26.23.

Nova Measuring Instruments (NASDAQ:NVMI) last posted its earnings results on Wednesday, August 7th. The semiconductor company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. The business had revenue of $51.12 million for the quarter, compared to analyst estimates of $49.90 million. Nova Measuring Instruments had a return on equity of 16.62% and a net margin of 18.21%. The firm’s revenue was down 17.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 EPS. As a group, research analysts predict that Nova Measuring Instruments will post 1.16 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE grew its holdings in Nova Measuring Instruments by 933.3% in the 2nd quarter. US Bancorp DE now owns 1,240 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 1,120 shares in the last quarter. Putnam Investments LLC grew its holdings in Nova Measuring Instruments by 1.5% in the 2nd quarter. Putnam Investments LLC now owns 76,474 shares of the semiconductor company’s stock valued at $1,957,000 after buying an additional 1,122 shares in the last quarter. Swiss National Bank grew its holdings in Nova Measuring Instruments by 2.5% in the 2nd quarter. Swiss National Bank now owns 51,945 shares of the semiconductor company’s stock valued at $1,294,000 after buying an additional 1,261 shares in the last quarter. AlphaOne Investment Services LLC acquired a new position in Nova Measuring Instruments in the 1st quarter valued at $33,000. Finally, Financial Gravity Wealth Inc. acquired a new position in Nova Measuring Instruments in the 2nd quarter valued at $40,000. 52.75% of the stock is currently owned by hedge funds and other institutional investors.

About Nova Measuring Instruments

Nova Measuring Instruments Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel. Its product portfolio includes integrated and stand-alone metrology platforms for dimensional, films, and material metrology measurements for process control across various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, and deposition.

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