Novanta (NASDAQ:NOVT) Hits New 12-Month Low – Here’s Why

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

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th.

Novanta Stock Performance

The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 89.31 and a beta of 1.28. The company has a 50-day moving average price of $161.94 and a 200-day moving average price of $169.76.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. The company had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.85 EPS. As a group, equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Insider Activity

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of the company’s 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 completion of the sale, the chief executive officer now owns 56,382 shares in the company, valued at approximately $10,131,845.40. The trade was a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Novanta

Several institutional investors have recently modified their holdings of the business. Clearline Capital LP increased its position in shares of Novanta by 71.1% during the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock worth $1,875,000 after acquiring an additional 4,778 shares in the last quarter. GAMMA Investing LLC grew its holdings in Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares during the period. Sanctuary Advisors LLC acquired a new position in Novanta during the third quarter worth approximately $232,000. Blair William & Co. IL lifted its position in shares of Novanta by 10.1% in the second quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after buying an additional 41,296 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Novanta by 110.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock valued at $17,938,000 after purchasing an additional 52,573 shares during the last quarter. 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.