Exchange Traded Concepts LLC Buys 16,677 Shares of Novanta Inc. (NASDAQ:NOVT)

Exchange Traded Concepts LLC raised its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 13.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 137,243 shares of the technology company's stock after buying an additional 16,677 shares during the period. Exchange Traded Concepts LLC owned about 0.38% of Novanta worth $17,549,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. D. E. Shaw & Co. Inc. bought a new stake in Novanta during the fourth quarter worth $3,681,000. Parallel Advisors LLC grew its stake in shares of Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after acquiring an additional 214 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Novanta in the 4th quarter worth $5,298,000. Zions Bancorporation N.A. raised its holdings in shares of Novanta by 21.2% in the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company's stock valued at $2,171,000 after purchasing an additional 2,486 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Novanta by 31,357.7% during the first quarter. GAMMA Investing LLC now owns 51,276 shares of the technology company's stock valued at $6,557,000 after purchasing an additional 51,113 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NOVT stock traded down $3.88 during midday trading on Friday, hitting $122.20. The company's stock had a trading volume of 216,459 shares, compared to its average volume of 217,870. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of 73.17 and a beta of 1.46. The stock's 50-day moving average price is $121.34 and its 200 day moving average price is $138.08. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.06. The company had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm's quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Analysts Set New Price Targets

NOVT has been the topic of several analyst reports. Wall Street Zen upgraded shares of Novanta from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Robert W. Baird cut their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd.

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.