Nova Ltd. NVMI shares soared 7.4% in the last trading session to close at $394.07. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 27% loss over the past four weeks.
Nova stock is benefitting from growing adoption of its metrology tools in advanced packaging and AI driven chip complexity across global foundries.
This maker of monitoring systems used in chip manufacturing is expected to post quarterly earnings of $2.41 per share in its upcoming report, which represents a year-over-year change of +9.6%. Revenues are expected to be $252.76 million, up 14.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Nova Ltd., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NVMI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nova Ltd. is part of the Zacks Electronics - Semiconductors industry. SkyWater Technology, Inc. SKYT, another stock in the same industry, closed the last trading session 6.1% higher at $32.46. SKYT has returned -12.2% in the past month.
SkyWater Technology's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.07. Compared to the company's year-ago EPS, this represents a change of +36.4%. SkyWater Technology currently boasts a Zacks Rank of #3 (Hold).
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Originally published on zacks.com, part of the BLOX Digital Content Exchange.
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