GAMMA Investing LLC Buys 51,113 Shares of Novanta Inc. (NASDAQ:NOVT)

GAMMA Investing LLC lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 31,357.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,276 shares of the technology company's stock after buying an additional 51,113 shares during the quarter. GAMMA Investing LLC owned about 0.14% of Novanta worth $6,557,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Empowered Funds LLC bought a new stake in Novanta in the fourth quarter valued at approximately $26,000. Johnson Financial Group Inc. increased its position in shares of Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after buying an additional 270 shares in the last quarter. Huntington National Bank raised its stake in Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after buying an additional 150 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Novanta during the 4th quarter worth $97,000. Finally, Venturi Wealth Management LLC lifted its holdings in Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after acquiring an additional 715 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Stock Down 1.5%

NOVT traded down $1.91 on Wednesday, hitting $127.76. 218,992 shares of the company were exchanged, compared to its average volume of 216,465. The stock's fifty day moving average is $120.53 and its 200-day moving average is $138.71. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company has a market cap of $4.60 billion, a PE ratio of 76.50 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 earnings per share (EPS) 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 analysts' expectations of $233.34 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.74 EPS. Equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal 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.