Kettle Hill Capital Management LLC Buys New Position in Novanta Inc. $NOVT

Key Points

• Kettle Hill Capital Management LLC acquired a stake of 25,114 shares in Novanta Inc., valued at approximately $3,211,000, which represents about 0.9% of its portfolio.
• Novanta recently reported earnings of $0.76 per share for the last quarter, beating analysts' expectations of $0.74 per share, with a revenue of $241.05 million.
• Several institutional investors, including the State of Michigan and Louisiana State Employees Retirement Systems, have increased their stakes in Novanta during the first quarter.

Kettle Hill Capital Management LLC bought a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 25,114 shares of the technology company's stock, valued at approximately $3,211,000. Novanta comprises approximately 0.9% of Kettle Hill Capital Management LLC's holdings, making the stock its 28th largest position. Kettle Hill Capital Management LLC owned about 0.07% of Novanta at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Parallel Advisors LLC raised its stake in shares of Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after buying an additional 214 shares during the period. SVB Wealth LLC bought a new stake in Novanta during the 1st quarter valued at approximately $48,000. GAMMA Investing LLC raised its stake in Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares during the period. CWM LLC raised its stake in Novanta by 329.8% during the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares during the period. Finally, Signaturefd LLC raised its stake in Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird lowered their target price on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Novanta presently has a consensus rating of "Hold" and a consensus target price of $133.00.

Novanta Trading Down 0.3%

NASDAQ:NOVT traded down $0.40 during trading hours on Tuesday, hitting $115.17. The company had a trading volume of 223,894 shares, compared to its average volume of 297,084. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $122.02 and a 200 day moving average of $124.62. The company has a market cap of $4.14 billion, a P/E ratio of 67.75 and a beta of 1.50. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to analysts' expectations 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 period in the prior year, the business earned $0.73 EPS. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Sell-side analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

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.