Novanta (NASDAQ:NOVT) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Novanta (NASDAQ:NOVT) issued its quarterly earnings data on Monday. The technology company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.08, FiscalAI reports. Novanta had a return on equity of 10.62% and a net margin of 4.89%. The company had revenue of $305.01 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period in the previous year, the firm posted $0.87 earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis.

Novanta Stock Performance

Novanta stock opened at $128.86 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.57 and a quick ratio of 3.79. Novanta has a 1-year low of $98.27 and a 1-year high of $176.38. The firm has a market capitalization of $4.87 billion, a P/E ratio of 98.12 and a beta of 1.71. The company’s 50-day moving average is $141.80 and its 200 day moving average is $142.52.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Zacks Research lowered Novanta from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Wall Street Zen upgraded Novanta from a “hold” rating to a “buy” rating in a research report on Saturday. Robert W. Baird set a $194.00 price objective on shares of Novanta in a research note on Friday, August 7th. Finally, Weiss Ratings lowered shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $194.00.

Novanta Company Profile

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software. The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.