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.
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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