Novanta (NASDAQ:NOVT) Hits New 52-Week Low – What’s Next?

Novanta Inc. (NASDAQ:NOVT)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $143.18 and last traded at $146.18, with a volume of 235853 shares trading hands. The stock had previously closed at $147.48.

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their price objective on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Novanta Stock Performance

The firm’s fifty day moving average is $162.92 and its 200 day moving average is $170.01. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 87.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $244.40 million during the quarter, compared to analyst estimates of $242.33 million. During the same quarter last year, the business posted $0.85 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Insider Transactions at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the transaction, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. This represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Novanta

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after buying an additional 59 shares during the last quarter. Essex Investment Management Co. LLC raised its stake in shares of Novanta by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock valued at $4,183,000 after acquiring an additional 80 shares in the last quarter. Bank of Montreal Can lifted its holdings in Novanta by 2.6% in the 2nd quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock worth $599,000 after purchasing an additional 90 shares during the last quarter. Victory Capital Management Inc. boosted its position in Novanta by 1.3% during the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock worth $1,228,000 after purchasing an additional 99 shares during the period. Finally, KBC Group NV grew its holdings in Novanta by 14.9% during the third quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock valued at $189,000 after purchasing an additional 137 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.