Novanta (NASDAQ:NOVT) Stock Bumped Down to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded Novanta from “Buy” to “Hold,” joining Zacks Research and Weiss Ratings in maintaining a cautious view. MarketBeat’s analyst consensus is “Hold,” with an average price target of $194.
• Novanta opened at $140.80, with a $5.33 billion market capitalization and a P/E ratio of 39.27. The stock has traded between $98.27 and $176.38 over the past year.
• The company exceeded quarterly expectations, reporting $0.89 in EPS versus an $0.83 consensus estimate and $265.81 million in revenue, up 10.3% year over year. Institutional investors own approximately 98.35% of Novanta’s shares.

Novanta (NASDAQ:NOVT - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

A number of other research analysts also recently commented on the company. Zacks Research downgraded Novanta from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 6th. Weiss Ratings restated a "hold (c-)" rating on shares of Novanta in a research note on Tuesday, October 13th. Finally, Robert W. Baird set a $194.00 target price on Novanta in a research note on Friday, August 7th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $194.00.

Novanta Price Performance

Novanta stock opened at $140.80 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $142.81 and a 200-day simple moving average of $146.68. The stock has a market cap of $5.33 billion, a P/E ratio of 39.27 and a beta of 1.72. Novanta has a 12-month low of $98.27 and a 12-month high of $176.38.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.06. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The firm had revenue of $265.81 million during the quarter, compared to the consensus estimate of $262.30 million. During the same quarter in the previous year, the firm posted $0.76 earnings per share. The company's revenue was up 10.3% compared to the same quarter last year. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. Equities analysts expect that Novanta will post 3.70 EPS for the current fiscal year.

Institutional Investors Weigh In On Novanta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Novanta during the second quarter worth approximately $34,000. Harbor Investment Advisory LLC acquired a new stake in Novanta during the 2nd quarter worth $54,000. Signaturefd LLC grew its holdings in shares of Novanta by 231.7% during the third quarter. Signaturefd LLC now owns 345 shares of the technology company's stock worth $49,000 after buying an additional 241 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Novanta in the second quarter valued at approximately $59,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Novanta in the 2nd quarter worth $63,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

About Novanta

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company's products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.