Novanta (NASDAQ:NOVT) Sets New 1-Year Low – Should You Sell?

Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low during trading on Monday . The company traded as low as $139.17 and last traded at $139.88, with a volume of 6359 shares trading hands. The stock had previously closed at $140.51.

Wall Street Analyst Weigh In

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

Novanta Price Performance

The firm’s 50 day moving average price is $149.48 and its two-hundred day moving average price is $164.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market cap of $5.33 billion, a PE ratio of 88.77 and a beta of 1.28.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. During the same period in the previous year, the business earned $0.63 EPS. Novanta’s revenue was up 12.5% compared to the same quarter last year. On average, research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Hedge Funds Weigh In On Novanta

Several hedge funds have recently bought and sold shares of the company. Empowered Funds LLC purchased a new position in Novanta during the fourth quarter worth about $26,000. GHP Investment Advisors Inc. purchased a new stake in Novanta in the third quarter valued at approximately $49,000. Johnson Financial Group Inc. raised its stake in Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after purchasing an additional 270 shares in the last quarter. Huntington National Bank lifted its position in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after purchasing an additional 150 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Novanta in the 4th quarter worth approximately $97,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Novanta

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.