MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Position in Novanta Inc. $NOVT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Novanta Inc. by 9.3%, owning a total of 40,174 shares worth approximately $5.16 million as of the latest SEC filing.
• Novanta's recent quarterly earnings surpassed expectations, with an earnings per share of $0.76 and revenues of $241.05 million, up 2.2% year-over-year.
• The stock's current consensus rating is "Hold" with a target price of $133.00, as recently adjusted by analysts.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,174 shares of the technology company's stock after buying an additional 3,413 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.11% of Novanta worth $5,160,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after purchasing an additional 214 shares in the last quarter. SVB Wealth LLC acquired a new position in Novanta in the first quarter valued at approximately $48,000. GAMMA Investing LLC boosted its holdings in Novanta by 146.0% in 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 in the last quarter. CWM LLC boosted its holdings in Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOVT has been the subject of a number of research analyst reports. Robert W. Baird lowered their price target 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 downgraded Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $133.00.

Novanta Stock Performance

Shares of NASDAQ NOVT traded down $0.75 during mid-day trading on Monday, hitting $113.78. 361,082 shares of the company were exchanged, compared to its average volume of 295,974. 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 50 day simple moving average of $120.66 and a 200-day simple moving average of $123.79. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $184.11. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 66.93 and a beta of 1.50.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The firm had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same period last year, the company earned $0.73 earnings per share. The company's revenue for the quarter was up 2.2% on a year-over-year basis. 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 forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.