Headlands Technologies LLC Has $1.24 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Key Points

• Headlands Technologies LLC has increased its holdings in Novanta Inc. by 62.9%, acquiring 3,732 additional shares in the 1st quarter, bringing its total to 9,666 shares valued at approximately $1.24 million.
• Novanta reported a $0.76 EPS for the most recent quarter, exceeding analysts' expectations of $0.74, with a revenue of $241.05 million, marking a 2.2% year-over-year increase.
• Analysts recently upgraded Novanta from a "hold" to a "buy" rating, reflecting optimism about the company's potential amidst strong institutional interest, with 98.35% of shares owned by institutional investors.

Headlands Technologies LLC increased its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 62.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,666 shares of the technology company's stock after purchasing an additional 3,732 shares during the quarter. Headlands Technologies LLC's holdings in Novanta were worth $1,236,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Geneva Capital Management LLC increased its position in shares of Novanta by 9.5% during the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company's stock worth $119,435,000 after purchasing an additional 81,397 shares in the last quarter. Vestcor Inc acquired a new stake in shares of Novanta during the 1st quarter worth about $291,000. XTX Topco Ltd acquired a new stake in shares of Novanta during the 1st quarter worth about $330,000. Premier Fund Managers Ltd increased its position in shares of 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. Finally, Norden Group LLC increased its position in shares of 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. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Price Performance

NOVT traded up $5.65 during midday trading on Tuesday, hitting $118.79. The company had a trading volume of 122,133 shares, compared to its average volume of 283,038. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The company has a market capitalization of $4.27 billion, a PE ratio of 69.94 and a beta of 1.48. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $186.75. The firm's 50-day simple moving average is $125.28 and its 200-day simple moving average is $128.65.

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, topping analysts' consensus estimates of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.73 earnings per share. Equities research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

NOVT has been the subject of a number of recent analyst reports. Robert W. Baird dropped their target price on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research report on Monday. Wall Street Zen cut shares of Novanta from a "buy" rating to a "hold" rating in a research report on Monday.

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.