Cubist Systematic Strategies LLC Takes $587,000 Position in 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 stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,593 shares of the technology company's stock, valued at approximately $587,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOVT. Balyasny Asset Management L.P. purchased a new position in Novanta in the fourth quarter valued at about $733,000. Deutsche Bank AG raised its position in Novanta by 57.5% in the fourth quarter. Deutsche Bank AG now owns 33,840 shares of the technology company's stock valued at $5,170,000 after purchasing an additional 12,350 shares during the period. D. E. Shaw & Co. Inc. purchased a new position in Novanta in the fourth quarter valued at about $3,681,000. Focus Partners Wealth purchased a new position in Novanta in the fourth quarter valued at about $538,000. Finally, Graham Capital Management L.P. purchased a new stake in shares of Novanta during the fourth quarter worth about $269,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Ratings Changes

NOVT has been the topic of a number of analyst reports. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Robert W. Baird dropped their target price on Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $133.00.

Novanta Stock Performance

Shares of NASDAQ NOVT traded down $3.44 during midday trading on Friday, hitting $114.53. 199,544 shares of the company's stock were exchanged, compared to its average volume of 335,749. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The stock's 50 day moving average price is $120.66 and its 200-day moving average price is $123.94. The firm has a market cap of $4.12 billion, a P/E ratio of 67.37 and a beta of 1.50. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The business had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same period in the previous year, the firm posted $0.73 earnings per share. The business'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. Equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

About Novanta

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.