Novanta (NASDAQ:NOVT) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

NOVT has been the subject of a number of other reports. Zacks Research cut shares of Novanta from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a research report on Tuesday, October 13th. Finally, Robert W. Baird set a $194.00 price target on shares of Novanta in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $194.00.

Novanta Trading Up 2.3%

Shares of NASDAQ:NOVT opened at $144.02 on Friday. The stock has a market capitalization of $5.45 billion, a price-to-earnings ratio of 92.32 and a beta of 1.72. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The stock’s 50-day simple moving average is $142.73 and its two-hundred day simple moving average is $141.92. Novanta has a 52-week low of $98.27 and a 52-week high of $176.38.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The business had revenue of $265.81 million during the quarter, compared to analysts’ expectations of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 earnings per share. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. Analysts expect that Novanta will post 3.70 EPS for the current year.

Hedge Funds Weigh In On Novanta

Several institutional investors have recently bought and sold shares of the business. Bamco Inc. NY bought a new position in Novanta in the second quarter worth about $137,984,000. William Blair Investment Management LLC purchased a new stake in shares of Novanta during the second quarter valued at about $124,254,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Novanta during the second quarter valued at about $71,407,000. Allspring Global Investments Holdings LLC lifted its position in shares of Novanta by 27.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,776,694 shares of the technology company’s stock valued at $210,307,000 after buying an additional 377,232 shares during the last quarter. Finally, Wasatch Advisors LP boosted its holdings in shares of Novanta by 54.6% in the 1st quarter. Wasatch Advisors LP now owns 996,645 shares of the technology company’s stock valued at $117,714,000 after buying an additional 351,863 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Company Profile

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.