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

Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $119.92 and last traded at $118.45, with a volume of 46953 shares changing hands. The stock had previously closed at $128.65.

Analyst Upgrades and Downgrades

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

Novanta Trading Down 8.3 %

The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The company’s 50 day moving average price is $141.56 and its two-hundred day moving average price is $157.73. The stock has a market capitalization of $4.24 billion, a PE ratio of 70.65 and a beta of 1.42.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in Novanta during the 3rd quarter worth approximately $232,000. KBC Group NV increased its holdings in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after buying an additional 4,648 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Novanta by 110.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock worth $17,938,000 after buying an additional 52,573 shares during the last quarter. Finally, Zions Bancorporation N.A. increased its holdings in shares of Novanta by 21.2% in the 4th quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock valued at $2,171,000 after acquiring an additional 2,486 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other 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.