Aigen Investment Management LP Acquires Shares of 7,396 Novanta Inc. (NASDAQ:NOVT)

Key Points

• Aigen Investment Management LP has acquired a new stake in Novanta Inc., purchasing 7,396 shares valued at approximately $946,000.
• Institutional investors own 98.35% of Novanta's stock, highlighting strong institutional support for the company.
• Novanta's earnings report showed a revenue increase of 2.2% year-over-year, with earnings per share exceeding analyst estimates.

Aigen Investment Management LP bought a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,396 shares of the technology company's stock, valued at approximately $946,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC lifted its position in Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after buying an additional 214 shares in the last quarter. Johnson Financial Group Inc. lifted its position in Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after buying an additional 270 shares in the last quarter. GAMMA Investing LLC lifted its position in Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after buying an additional 238 shares in the last quarter. CWM LLC lifted its position in Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after buying an additional 310 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after buying an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Trading Down 1.5%

Shares of NASDAQ NOVT traded down $1.76 during trading on Friday, reaching $116.42. The stock had a trading volume of 132,158 shares, compared to its average volume of 288,047. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $186.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The business's 50-day moving average price is $124.99 and its 200-day moving average price is $128.38. The company has a market cap of $4.19 billion, a P/E ratio of 68.52 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.02. The firm had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%. Novanta's revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business posted $0.73 earnings per share. On average, equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

NOVT has been the subject of several recent analyst reports. Robert W. Baird cut their target price on Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research note on Monday. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a research note on Monday.

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.