On September 5, Nova Ltd rose 5.94% in regular trading, trading at $371.95 per share, with turnover of approximately $95.35 million. The rally was primarily driven by the company's board approving a new share buyback program of up to $200 million.
According to the announcement, Nova Ltd's board authorized the repurchase plan to be funded through existing cash reserves, with buybacks conducted via open market purchases, privately negotiated transactions, or other means at prevailing market prices. The program will remain in effect until the full $200 million is repurchased or the company suspends it. The buyback signal reflects management's confidence in the company's intrinsic value and capital allocation strength.
The announcement also arrives on the heels of solid operational momentum. In Q2, Nova Ltd posted total revenue of $255 million, up 16% year-over-year, with non-GAAP EPS of $2.51, beating the analyst consensus estimate of $2.41 by over 4%. The company guided Q3 revenue to $277 million–$287 million, at or above Street expectations. Sustained earnings beats and a robust buyback plan together reinforced positive market sentiment.
Within the Semiconductor Equipment sector, the broader group also traded higher, with KLA Corporation up 7.97%, Applied Materials up 4.41%, ASML Holding up 3.77%, and Lam Research up 3.87%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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