Novanta (NASDAQ:NOVT) Releases Q4 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.70-0.74 for the period, compared to the consensus estimate of $0.97. The company issued revenue guidance of $237-242 million, compared to the consensus revenue estimate of $263.99 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Analysts Set New Price Targets

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

Novanta Stock Down 0.2 %

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

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

Insiders Place Their Bets

In other news, CFO Robert Buckley sold 4,379 shares of Novanta stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total transaction of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,217,827.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 9,150 shares of company stock valued at $1,608,936 over the last 90 days. 1.20% of the stock is currently owned by insiders.

Novanta Company Profile

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.