ARK Investment Management LLC Sells 2,884 Shares of Nova Ltd. (NASDAQ:NVMI)

ARK Investment Management LLC lowered its position in Nova Ltd. (NASDAQ:NVMI) by 11.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 22,038 shares of the semiconductor company’s stock after selling 2,884 shares during the period. ARK Investment Management LLC owned about 0.08% of Nova worth $2,585,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of NVMI. Wasatch Advisors LP boosted its holdings in Nova by 20.6% in the 1st quarter. Wasatch Advisors LP now owns 3,476,566 shares of the semiconductor company’s stock worth $363,197,000 after buying an additional 594,410 shares during the period. FMR LLC lifted its stake in Nova by 7.5% in the 1st quarter. FMR LLC now owns 2,420,192 shares of the semiconductor company’s stock worth $252,825,000 after purchasing an additional 168,095 shares in the last quarter. Millennium Management LLC lifted its stake in Nova by 262.1% in the 4th quarter. Millennium Management LLC now owns 230,497 shares of the semiconductor company’s stock worth $18,827,000 after purchasing an additional 166,836 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Nova by 210.5% in the 1st quarter. JPMorgan Chase & Co. now owns 152,822 shares of the semiconductor company’s stock worth $15,965,000 after purchasing an additional 103,611 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Nova by 85.1% in the 1st quarter. Thrivent Financial for Lutherans now owns 195,528 shares of the semiconductor company’s stock worth $20,427,000 after purchasing an additional 89,895 shares in the last quarter. Institutional investors own 76.26% of the company’s stock.

Nova Price Performance

Shares of NASDAQ NVMI traded down $4.49 during mid-day trading on Friday, hitting $112.47. 98,406 shares of the company’s stock traded hands, compared to its average volume of 119,364. The company’s 50-day moving average is $119.53 and its two-hundred day moving average is $107.96. The company has a market capitalization of $3.17 billion, a P/E ratio of 26.34, a PEG ratio of 8.27 and a beta of 1.23. Nova Ltd. has a 1 year low of $67.40 and a 1 year high of $131.51.

Nova (NASDAQ:NVMI) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.14. Nova had a net margin of 24.68% and a return on equity of 23.03%. The firm had revenue of $122.70 million for the quarter, compared to analysts’ expectations of $121.00 million. Equities analysts anticipate that Nova Ltd. will post 3.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on NVMI shares. Needham & Company LLC cut shares of Nova from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Benchmark boosted their price target on shares of Nova from $106.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Finally, StockNews.com initiated coverage on shares of Nova in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Nova Company Profile

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.