Novanta (NASDAQ:NOVT) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Novanta (NASDAQ:NOVT) released its quarterly earnings results on Monday. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03, FiscalAI reports. The business had revenue of $258.35 million during the quarter, compared to analyst estimates of $260.72 million. Novanta had a return on equity of 14.53% and a net margin of 5.50%.

Novanta Price Performance

Shares of NASDAQ:NOVT traded down $3.58 on Monday, reaching $142.38. The company’s stock had a trading volume of 625,403 shares, compared to its average volume of 450,487. The company has a 50-day simple moving average of $131.69 and a 200 day simple moving average of $119.68. Novanta has a 52-week low of $98.27 and a 52-week high of $153.20. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51. The company has a market cap of $5.09 billion, a P/E ratio of 96.86 and a beta of 1.62.

Analyst Ratings Changes

A number of research firms have commented on NOVT. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings upgraded Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $133.00.

Insider Activity

In related news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total value of $1,087,800.00. Following the completion of the transaction, the chief executive officer owned 57,367 shares in the company, valued at approximately $8,320,509.68. This trade represents a 11.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert Buckley sold 1,423 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total value of $199,419.22. Following the sale, the chief financial officer owned 91,034 shares in the company, valued at approximately $12,757,504.76. This trade represents a 1.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 22,923 shares of company stock valued at $3,182,264. 1.20% of the stock is currently owned by company insiders.

Institutional Trading of Novanta

A number of institutional investors have recently bought and sold shares of the stock. Danske Bank A S purchased a new stake in shares of Novanta in the third quarter valued at $40,000. Van ECK Associates Corp boosted its stake in shares of Novanta by 17.2% during the 3rd quarter. Van ECK Associates Corp now owns 1,627 shares of the technology company’s stock worth $163,000 after purchasing an additional 239 shares during the period. O Shaughnessy Asset Management LLC bought a new position in Novanta during the 4th quarter valued at about $219,000. Boothbay Fund Management LLC purchased a new stake in Novanta in the 3rd quarter worth about $261,000. Finally, EntryPoint Capital LLC bought a new stake in Novanta in the fourth quarter worth about $261,000. 98.35% of the stock is currently owned by institutional investors.

Novanta Company Profile

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.