Cubist Systematic Strategies LLC Buys Shares of 4,593 Novanta Inc. $NOVT

Key Points

• Cubist Systematic Strategies LLC has taken a new position in Novanta Inc. by acquiring 4,593 shares worth approximately $587,000 in the first quarter of the year.
• Other institutional investors have also strengthened their holdings in Novanta, with 98.35% of the company's stock owned by institutional investors, indicating strong institutional confidence.
• Analysts have lowered Novanta's rating from "buy" to "hold," with a new target price of $133.00, reflecting cautious sentiment amid mixed performance evaluations.

Cubist Systematic Strategies LLC bought a new position in Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,593 shares of the technology company's stock, valued at approximately $587,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted 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 in the last quarter. SVB Wealth LLC acquired a new position in shares of Novanta in the 1st quarter worth approximately $48,000. GAMMA Investing LLC grew its position in Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after acquiring an additional 238 shares during the last quarter. CWM LLC increased its holdings in Novanta by 329.8% during the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares in the last quarter. Finally, Signaturefd LLC raised its position in Novanta by 80.0% in the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Trading Up 0.4%

NASDAQ:NOVT traded up $0.48 on Tuesday, hitting $114.26. 223,578 shares of the stock were exchanged, compared to its average volume of 311,413. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $184.11. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 67.21 and a beta of 1.50. The company's 50-day moving average price is $120.02 and its 200 day moving average price is $123.51.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $241.05 million during the quarter, compared to analysts' expectations of $237.97 million. During the same quarter in the previous year, the company earned $0.73 EPS. Novanta's revenue was up 2.2% on a year-over-year basis. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. On average, equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOVT. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Robert W. Baird decreased their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $133.00.

Novanta 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.