Novanta Inc. $NOVT Shares Purchased by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Novanta Inc. by 180.7%, now owning approximately 247,848 shares valued at $31.69 million.
• Wall Street analysts have generally rated Novanta as a "Hold," with a lowered price target of $133.00, reflecting a cautious outlook on the stock's performance.
• Novanta reported $241.05 million in revenue for the latest quarter, surpassing estimates, and provided FY 2025 guidance of 3.220-3.360 EPS.

Millennium Management LLC boosted its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 180.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 247,848 shares of the technology company's stock after acquiring an additional 159,551 shares during the quarter. Millennium Management LLC owned 0.69% of Novanta worth $31,692,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of NOVT. Wellington Management Group LLP lifted its holdings in Novanta by 1.9% during the first quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company's stock valued at $62,042,000 after purchasing an additional 9,243 shares during the last quarter. Advantage Alpha Capital Partners LP boosted its position in Novanta by 163.8% in the first 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. lifted its position 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 valued at $88,626,000 after buying an additional 12,921 shares in the last quarter. Principal Financial Group Inc. raised its stake in Novanta by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after purchasing an additional 797 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in shares of Novanta during the 1st quarter valued at approximately $818,000. 98.35% of the stock is owned by institutional investors.

Novanta Trading Down 2.9%

NOVT stock traded down $3.44 during midday trading on Friday, hitting $114.53. 199,544 shares of the company's stock were exchanged, compared to its average volume of 335,749. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $184.11. 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 stock has a market capitalization of $4.12 billion, a PE ratio of 67.37 and a beta of 1.50. The business has a 50-day simple moving average of $120.66 and a two-hundred day simple moving average of $123.94.

Novanta (NASDAQ:NOVT - Get Free Report) last released 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 company had revenue of $241.05 million for 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 quarter in the previous year, the firm posted $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. On average, sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOVT has been the subject of several research reports. Robert W. Baird lowered their target price on Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Wall Street Zen cut Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Novanta has a consensus rating of "Hold" and an average price target of $133.00.

Novanta Company 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.