Novanta Inc. (NASDAQ:NOVT) Shares Sold by Bryce Point Capital LLC

Key Points

• Bryce Point Capital LLC reduced its stake in Novanta Inc. by 51% in the first quarter, now holding 5,874 shares valued at approximately $751,000.
• Several institutional investors have increased their holdings in Novanta, with T. Rowe Price raising its stake by 69.9% during the fourth quarter.
• Novanta reported earnings of $0.74 per share, exceeding estimates, and anticipates an average of 3.03 earnings per share for the current fiscal year.

Bryce Point Capital LLC lowered its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 51.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,874 shares of the technology company's stock after selling 6,107 shares during the quarter. Bryce Point Capital LLC's holdings in Novanta were worth $751,000 at the end of the most recent reporting period.

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

Novanta Stock Up 0.5%

Shares of NOVT traded up $0.57 during midday trading on Thursday, reaching $123.81. The stock had a trading volume of 111,631 shares, compared to its average volume of 272,104. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $186.75. The company's fifty day simple moving average is $126.04 and its two-hundred day simple moving average is $130.68. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 63.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.56 and a quick ratio of 1.70.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. Novanta had a net margin of 7.42% and a return on equity of 15.06%. The business had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. During the same period last year, the business earned $0.74 EPS. The company's revenue was up 1.1% on a year-over-year basis. Equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th.

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.