Novanta Inc. (NASDAQ:NOVT)’s share price hit a new 52-week high and low during mid-day trading on Tuesday . The stock traded as low as $61.15 and last traded at $60.85, with a volume of 164027 shares trading hands. The stock had previously closed at $58.30.
Several equities analysts recently issued reports on NOVT shares. BidaskClub upgraded Novanta from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 19th. William Blair started coverage on Novanta in a research report on Tuesday, February 27th. They issued an “outperform” rating for the company. Robert W. Baird reiterated a “buy” rating on shares of Novanta in a research report on Thursday, March 1st. Finally, Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Thursday, March 22nd.
The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.72. The stock has a market cap of $1,984.00, a PE ratio of 38.56 and a beta of 1.47.
Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The business had revenue of $146.92 million during the quarter, compared to analyst estimates of $146.35 million. During the same period in the previous year, the firm earned $0.35 EPS. Novanta’s quarterly revenue was up 48.6% compared to the same quarter last year. equities research analysts expect that Novanta Inc. will post 1.92 EPS for the current year.
In other Novanta news, CFO Robert Buckley sold 8,764 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $56.83, for a total transaction of $498,058.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 26,394 shares of company stock valued at $1,480,917 over the last quarter. 6.70% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in NOVT. Amalgamated Bank acquired a new position in Novanta during the 4th quarter worth approximately $218,000. Advisor Group Inc. boosted its position in Novanta by 107.1% during the 4th quarter. Advisor Group Inc. now owns 4,605 shares of the technology company’s stock worth $231,000 after acquiring an additional 2,381 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Novanta during the 3rd quarter worth approximately $240,000. Bfsg LLC boosted its position in Novanta by 20.1% during the 4th quarter. Bfsg LLC now owns 6,656 shares of the technology company’s stock worth $333,000 after acquiring an additional 1,112 shares during the last quarter. Finally, AMP Capital Investors Ltd acquired a new position in Novanta during the 4th quarter worth approximately $335,000. 82.50% of the stock is owned by hedge funds and other institutional investors.
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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