Novanta (NOVT) Upgraded at BidaskClub

BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

A number of other brokerages have also issued reports on NOVT. Zacks Investment Research lowered shares of Novanta from a buy rating to a hold rating in a research note on Wednesday, October 10th. ValuEngine raised shares of Novanta from a hold rating to a buy rating in a research report on Wednesday, October 31st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Novanta presently has an average rating of Hold and a consensus target price of $64.00.

Shares of Novanta stock traded down $2.57 during trading on Wednesday, reaching $75.32. The company had a trading volume of 144,245 shares, compared to its average volume of 238,446. The firm has a market cap of $2.65 billion, a PE ratio of 47.08 and a beta of 1.72. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.14 and a current ratio of 2.89. Novanta has a fifty-two week low of $43.65 and a fifty-two week high of $78.85.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 6th. The technology company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.09. The business had revenue of $160.79 million for the quarter, compared to analyst estimates of $154.43 million. Novanta had a net margin of 6.18% and a return on equity of 18.95%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.45 EPS. On average, equities analysts predict that Novanta will post 1.99 earnings per share for the current year.

In related news, CEO Matthijs Glastra sold 20,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $74.00, for a total transaction of $1,480,000.00. Following the completion of the sale, the chief executive officer now owns 71,107 shares of the company’s stock, valued at approximately $5,261,918. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Peter L. Chang sold 3,680 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $70.63, for a total transaction of $259,918.40. Following the sale, the vice president now directly owns 36,132 shares of the company’s stock, valued at approximately $2,552,003.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,167 shares of company stock valued at $2,723,121. Insiders own 6.70% of the company’s stock.

Several large investors have recently made changes to their positions in NOVT. BlackRock Inc. grew its position in Novanta by 0.9% in the 3rd quarter. BlackRock Inc. now owns 2,191,347 shares of the technology company’s stock worth $149,888,000 after purchasing an additional 20,174 shares during the last quarter. Alliancebernstein L.P. grew its position in Novanta by 318.1% in the 3rd quarter. Alliancebernstein L.P. now owns 732,262 shares of the technology company’s stock worth $50,087,000 after purchasing an additional 557,119 shares during the last quarter. Eagle Asset Management Inc. bought a new position in Novanta in the 3rd quarter worth about $8,420,000. Sapphire Star Partners LP grew its position in Novanta by 4.3% in the 3rd quarter. Sapphire Star Partners LP now owns 16,349 shares of the technology company’s stock worth $1,118,000 after purchasing an additional 667 shares during the last quarter. Finally, Yorktown Management & Research Co Inc grew its position in Novanta by 9.7% in the 3rd quarter. Yorktown Management & Research Co Inc now owns 9,712 shares of the technology company’s stock worth $664,000 after purchasing an additional 861 shares during the last quarter. 86.63% of the stock is owned by institutional investors and hedge funds.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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