Novanta (NASDAQ:NOVT) Shares Gap Down – Time to Sell?

Novanta Inc. (NASDAQ:NOVT)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $174.17, but opened at $159.69. Novanta shares last traded at $156.94, with a volume of 32,489 shares changing hands.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lifted their price objective on shares of Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th.

Novanta Stock Down 6.2 %

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. The stock’s 50 day moving average price is $174.56 and its 200-day moving average price is $169.58. The company has a market cap of $5.87 billion, a PE ratio of 90.49 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. During the same period last year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, analysts predict that Novanta Inc. will post 3.3 earnings per share for the current year.

Insider Buying and Selling

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the sale, the chief financial officer now owns 120,419 shares in the company, valued at approximately $20,954,110.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 9,150 shares of company stock worth $1,608,936 in the last ninety days. 1.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Novanta

A number of hedge funds have recently modified their holdings of NOVT. Van ECK Associates Corp increased its holdings in Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock valued at $166,000 after purchasing an additional 213 shares during the period. Conestoga Capital Advisors LLC boosted its stake in shares of Novanta by 1.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company’s stock valued at $241,658,000 after purchasing an additional 20,825 shares in the last quarter. US Bancorp DE lifted its stake in shares of Novanta by 12.7% in the 3rd quarter. US Bancorp DE now owns 5,324 shares of the technology company’s stock valued at $953,000 after purchasing an additional 601 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Novanta by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 4,151 shares of the technology company’s stock valued at $742,000 after purchasing an additional 280 shares in the last quarter. Finally, GHP Investment Advisors Inc. purchased a new stake in Novanta in the third quarter worth $49,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.