Novanta (NASDAQ:NOVT) Releases FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.02-3.06 for the period, compared to the consensus earnings per share estimate of $3.29. The company issued revenue guidance of ~$948-953 million, compared to the consensus revenue estimate of $973.07 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday.

Novanta Stock Performance

NOVT traded down $0.42 on Thursday, hitting $181.52. The company’s stock had a trading volume of 169,551 shares, compared to its average volume of 140,863. Novanta has a 12 month low of $119.64 and a 12 month high of $187.12. The firm has a market cap of $6.52 billion, a P/E ratio of 104.92 and a beta of 1.29. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. The company’s 50 day simple moving average is $174.22 and its 200-day simple moving average is $169.85.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $244.40 million during the quarter, compared to analyst estimates of $242.33 million. During the same period last year, the company earned $0.85 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts forecast that Novanta will post 3.3 EPS for the current year.

Insider Buying and Selling at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,729,608.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 9,150 shares of company stock valued at $1,608,936 in the last quarter. 1.20% of the stock is currently owned by corporate insiders.

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.