Nova nears record $7b market cap

By Investor Empires On Jun 17, 2024

The Israeli company's share price has risen 73.2% since the beginning of the year and is trading at an all-time record high of $238.

Israeli company NOVA LIMITED. (Nasdaq:Nefimy; level:Nefimy, which provides measurement devices for advanced process control used in semiconductor manufacturing, saw its stock price rise 8.4% last week including 1.3% in trading on Thursday and Friday. The company's stock price is up 73.2% since the beginning of the year and is trading at an all-time record high of $238, giving a market capitalization of $6.912 billion.

Two strips pull the TASE up

Nova, led by CEO Gabriel Weissman, is benefiting from a supportive environment in the chip industry due to increased demand for artificial intelligence applications. Recently, Bank of America flagged Nova as one of its recommended small- and mid-cap stocks, writing that Nova's “measurable exposure to AI, broadband memory (HBM) components and advanced packages should lead to outpacing growth.” For the industry in 2024-2025.” Bank of America expects Nova to grow at about 15%, compared to a single-digit rate for the industry.

Earlier last week, it was reported that Fidelity Management & Research (FMR) had increased its stake in Nova, from around 8.4% in its previous report in February, to 10%.

Published by Globes, Israel Business News – en.globes.co.il – on June 16, 2024.