Magnetar Financial LLC Makes New $3.09 Million Investment in Novanta Inc. $NOVT

Key Points

• Magnetar Financial LLC purchased 24,199 shares of Novanta Inc. for about $3.1 million, acquiring a 0.07% stake in the company during the first quarter.
• Novanta's recent quarterly earnings reported an EPS of $0.76, surpassing analyst expectations, while its revenue rose 2.2% year-over-year.
• Brokerages have lowered their ratings on Novanta, with a consensus rating of "Hold" and an average target price set at $133.00.

Magnetar Financial LLC acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,199 shares of the technology company's stock, valued at approximately $3,094,000. Magnetar Financial LLC owned 0.07% of Novanta at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Novanta by 1.9% during the first quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company's stock worth $62,042,000 after acquiring an additional 9,243 shares during the period. Advantage Alpha Capital Partners LP increased its stake in shares of Novanta by 163.8% during the 1st quarter. Advantage Alpha Capital Partners LP now owns 38,823 shares of the technology company's stock worth $4,964,000 after purchasing an additional 24,107 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Novanta by 1.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company's stock worth $88,626,000 after purchasing an additional 12,921 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Novanta by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock worth $11,710,000 after buying an additional 797 shares during the period. Finally, Teacher Retirement System of Texas bought a new stake in shares of Novanta during the 1st quarter worth about $818,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Down 3.7%

Shares of NASDAQ:NOVT traded down $4.32 during trading on Tuesday, reaching $112.09. The stock had a trading volume of 348,675 shares, compared to its average volume of 297,578. The firm's fifty day moving average is $123.35 and its 200 day moving average is $125.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $184.11. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 65.94 and a beta of 1.50.

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, topping the consensus estimate of $0.74 by $0.02. The business had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. Novanta's revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.73 earnings per share. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. As a group, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wall Street Zen downgraded shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird cut their price target 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 research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $133.00.

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.