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

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

Analyst Upgrades and Downgrades

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 report on Wednesday, November 6th.

Novanta Price Performance

The business’s 50-day simple moving average is $162.92 and its 200 day simple moving average is $170.01. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.25 billion, a P/E ratio of 87.53 and a beta of 1.28.

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

Insider Buying and Selling

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Novanta

Large investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its holdings in shares of Novanta by 61.6% during the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock valued at $37,916,000 after purchasing an additional 81,942 shares during the last quarter. Tidal Investments LLC lifted its stake in Novanta by 61.8% during the third quarter. Tidal Investments LLC now owns 6,469 shares of the technology company’s stock valued at $1,157,000 after buying an additional 2,471 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Novanta in the third quarter worth about $232,000. M&T Bank Corp increased its position in shares of Novanta by 4.5% in the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock worth $647,000 after acquiring an additional 155 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Novanta by 215.1% during the third quarter. Barclays PLC now owns 65,564 shares of the technology company’s stock valued at $11,731,000 after acquiring an additional 44,756 shares during the period. 98.35% of the stock is owned by institutional investors.

Novanta Company Profile

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.