Novanta (NASDAQ:NOVT) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Novanta (NASDAQ:NOVT) posted its earnings results on Tuesday. The technology company reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.01), Briefing.com reports. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The firm had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. During the same period last year, the firm earned $0.85 earnings per share. Novanta’s revenue for the quarter was up 10.3% compared to the same quarter last year.

Novanta Price Performance

Shares of NOVT traded up $17.21 during mid-day trading on Wednesday, hitting $181.88. 171,683 shares of the company were exchanged, compared to its average volume of 139,807. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. Novanta has a 1-year low of $111.20 and a 1-year high of $187.12. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 95.18 and a beta of 1.29. The company has a 50 day moving average of $174.21 and a 200-day moving average of $169.69.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 4,379 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total value of $771,579.80. Following the transaction, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,217,827.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 9,150 shares of company stock worth $1,608,936. Corporate insiders own 1.20% of the company’s stock.

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.