Novanta Inc. (NASDAQ:NOVT) Short Interest Up 21.5% in January

Novanta Inc. (NASDAQ:NOVT) was the recipient of a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 3,567,207 shares, an increase of 21.5% from the January 15th total of 2,936,775 shares. Approximately 10.1% of the shares of the stock are short sold. Based on an average trading volume of 454,386 shares, the short-interest ratio is presently 7.9 days. Based on an average trading volume of 454,386 shares, the short-interest ratio is presently 7.9 days. Approximately 10.1% of the shares of the stock are short sold.

Insider Activity

In related news, CFO Robert Buckley sold 1,423 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $140.14, for a total value of $199,419.22. Following the transaction, the chief financial officer directly owned 91,034 shares of the company’s stock, valued at approximately $12,757,504.76. The trade was a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total value of $1,087,800.00. Following the completion of the transaction, the chief executive officer owned 57,367 shares of the company’s stock, valued at $8,320,509.68. The trade was a 11.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,923 shares of company stock valued at $3,182,264 in the last quarter. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pilgrim Partners Asia Pte Ltd purchased a new stake in Novanta during the third quarter valued at approximately $36,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Novanta during the 3rd quarter valued at approximately $40,000. Danske Bank A S bought a new position in shares of Novanta during the 3rd quarter valued at approximately $40,000. Allworth Financial LP raised its holdings in Novanta by 978.4% during the 4th quarter. Allworth Financial LP now owns 399 shares of the technology company’s stock valued at $47,000 after buying an additional 362 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Novanta by 120.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the technology company’s stock valued at $51,000 after buying an additional 233 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NOVT shares. Zacks Research raised shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings raised shares of Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $133.00.

Novanta Price Performance

Novanta stock traded up $1.56 during mid-day trading on Wednesday, reaching $146.93. 58,241 shares of the company’s stock traded hands, compared to its average volume of 445,382. Novanta has a 12-month low of $98.27 and a 12-month high of $153.20. The company has a quick ratio of 1.54, a current ratio of 2.51 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $130.14 and a two-hundred day moving average of $119.10. The company has a market cap of $5.26 billion, a price-to-earnings ratio of 100.13 and a beta of 1.62.

Novanta Company Profile

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.