Exchange Traded Concepts LLC Has $17.55 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

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

A number of other institutional investors also recently modified their holdings of NOVT. Norges Bank acquired a new stake in Novanta in the 4th quarter worth about $48,442,000. T. Rowe Price Investment Management Inc. grew its position in shares of Novanta by 69.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock worth $103,910,000 after purchasing an additional 279,793 shares in the last quarter. Schroder Investment Management Group increased its holdings in shares of Novanta by 52.5% during the fourth quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after purchasing an additional 93,511 shares during the period. Millennium Management LLC raised its position in shares of Novanta by 2,714.7% in the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after buying an additional 85,160 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its stake in shares of Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after buying an additional 72,592 shares during the period. Institutional investors own 98.35% of the company's stock.

Novanta Price Performance

Shares of NASDAQ:NOVT traded down $0.14 during midday trading on Wednesday, hitting $122.15. The stock had a trading volume of 192,397 shares, compared to its average volume of 218,126. The company's 50-day moving average price is $121.86 and its 200-day moving average price is $137.31. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $4.39 billion, a P/E ratio of 62.32 and a beta of 1.46.

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

Wall Street Analyst Weigh In

A number of research firms have commented on NOVT. Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Robert W. Baird reduced their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd.

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.