GSA Capital Partners LLP Reduces Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

GSA Capital Partners LLP lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 33.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,291 shares of the technology company's stock after selling 2,124 shares during the quarter. GSA Capital Partners LLP's holdings in Novanta were worth $549,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Premier Fund Managers Ltd increased its position in Novanta by 141.2% during the 1st quarter. Premier Fund Managers Ltd now owns 3,053 shares of the technology company's stock worth $394,000 after purchasing an additional 1,787 shares in the last quarter. Norden Group LLC increased its position in Novanta by 6.5% during the 1st quarter. Norden Group LLC now owns 3,079 shares of the technology company's stock worth $394,000 after purchasing an additional 187 shares in the last quarter. Summit Creek Advisors LLC increased its position in Novanta by 21.1% during the 1st quarter. Summit Creek Advisors LLC now owns 56,258 shares of the technology company's stock worth $7,194,000 after purchasing an additional 9,791 shares in the last quarter. TD Asset Management Inc increased its position in Novanta by 5.0% during the 1st quarter. TD Asset Management Inc now owns 23,300 shares of the technology company's stock worth $2,979,000 after purchasing an additional 1,106 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in Novanta during the 1st quarter worth about $239,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Stock Up 3.3%

Shares of NASDAQ:NOVT opened at $124.01 on Tuesday. The stock's 50-day moving average price is $126.07 and its two-hundred day moving average price is $130.08. The company has a current ratio of 2.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.50. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $186.75. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 63.27 and a beta of 1.48.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The firm had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. During the same period last year, the company earned $0.74 EPS. The firm's quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research report on Sunday.

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.

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