Novanta Inc. $NOVT Stock Holdings Increased 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 grew its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 180.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 247,848 shares of the technology company's stock after buying an additional 159,551 shares during the period. Millennium Management LLC owned about 0.69% of Novanta worth $31,692,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after acquiring an additional 214 shares during the last quarter. SVB Wealth LLC acquired a new position in Novanta in the first quarter worth $48,000. GAMMA Investing LLC increased its stake in Novanta by 146.0% during the first 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 last quarter. CWM LLC raised its holdings in shares of Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after purchasing an additional 310 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after purchasing an additional 184 shares during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

NOVT stock traded up $0.48 during mid-day trading on Tuesday, reaching $114.26. The company had a trading volume of 223,578 shares, compared to its average volume of 311,413. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $4.11 billion, a P/E ratio of 67.21 and a beta of 1.50. Novanta Inc. has a one year low of $98.76 and a one year high of $184.11. The stock's 50-day simple moving average is $120.02 and its two-hundred day simple moving average is $123.51.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02. The firm 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 revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm 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. Research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NOVT shares. Robert W. Baird lowered their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research report on Monday, August 11th. Wall Street Zen downgraded 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 MarketBeat.com, Novanta has an average rating of "Hold" and an average price target 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.