Novanta (NASDAQ:NOVT) Reaches New 52-Week Low – Here’s What Happened

Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low on Friday . The stock traded as low as $130.50 and last traded at $130.82, with a volume of 15894 shares changing hands. The stock had previously closed at $132.53.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their target price on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd.

Novanta Trading Down 1.7 %

The company has a market cap of $4.68 billion, a P/E ratio of 77.95 and a beta of 1.34. 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 business has a 50 day moving average price of $143.32 and a 200-day moving average price of $158.93.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Novanta

Several large investors have recently modified their holdings of NOVT. Arizona State Retirement System boosted its holdings in shares of Novanta by 0.7% during the 4th quarter. Arizona State Retirement System now owns 10,412 shares of the technology company’s stock worth $1,591,000 after buying an additional 76 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Novanta by 5.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company’s stock worth $258,000 after acquiring an additional 90 shares during the period. State of Wyoming boosted its holdings in shares of Novanta by 4.4% during the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock worth $387,000 after acquiring an additional 106 shares during the period. Huntington National Bank grew its position in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after purchasing an additional 150 shares during the last quarter. Finally, M&T Bank Corp increased its stake in shares of Novanta by 4.5% during the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock worth $647,000 after purchasing an additional 155 shares during the period. 98.35% of the stock is owned by institutional investors.

About Novanta

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.