Exchange Traded Concepts LLC Buys 8,854 Shares of Novanta Inc. $NOVT

Key Points

• Exchange Traded Concepts LLC increased its stake in Novanta Inc. by 6.5% in Q2, now owning 146,097 shares valued at approximately $18.8 million.
• Novanta's earnings report for Q2 showed an EPS of $0.76, surpassing analyst expectations of $0.74, with revenue rising 2.2% year-over-year.
• Analysts have downgraded Novanta to a "hold" rating, with an adjusted average price target of $133.00.

Exchange Traded Concepts LLC boosted its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 146,097 shares of the technology company's stock after buying an additional 8,854 shares during the period. Exchange Traded Concepts LLC owned approximately 0.41% of Novanta worth $18,836,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Lazard Asset Management LLC grew its position in Novanta by 220.6% in the 4th quarter. Lazard Asset Management LLC now owns 5,969 shares of the technology company's stock worth $911,000 after purchasing an additional 4,107 shares during the last quarter. Millennium Management LLC increased its holdings in Novanta by 2,714.7% during the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after purchasing an additional 85,160 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Novanta by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 126,812 shares of the technology company's stock valued at $19,373,000 after buying an additional 3,406 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Novanta in the 4th quarter valued at $727,000. Finally, ProShare Advisors LLC increased its stake in shares of Novanta by 39.4% in the 4th quarter. ProShare Advisors LLC now owns 11,784 shares of the technology company's stock valued at $1,800,000 after buying an additional 3,331 shares during the period. Institutional investors own 98.35% of the company's stock.

Novanta Stock Down 0.6%

Shares of NASDAQ:NOVT traded down $0.68 during midday trading on Monday, hitting $114.02. The stock had a trading volume of 80,371 shares, compared to its average volume of 297,508. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $184.11. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The business's 50-day simple moving average is $118.95 and its 200-day simple moving average is $122.82. The company has a market cap of $4.10 billion, a P/E ratio of 67.07 and a beta of 1.50.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, beating 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 business had revenue of $241.05 million during the quarter, compared to analysts' expectations of $237.97 million. During the same period last year, the business earned $0.73 earnings per share. The firm'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, sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its board has authorized a stock repurchase plan on Thursday, September 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on NOVT shares. Robert W. Baird lowered 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, August 11th. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $133.00.

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.