Quantbot Technologies LP Purchases 5,704 Shares of Novanta Inc. $NOVT

Key Points

• Quantbot Technologies LP increased its stake in Novanta Inc. by 39.9% during the first quarter, and now owns nearly 20,000 shares valued at $2.56 million.
• Several institutional investors, including Raymond James and First Trust Advisors, have also adjusted their holdings in Novanta, reflecting growing interest in the company's stock.
• Novanta reported earnings of $0.76 per share, exceeding estimates, with a revenue increase of 2.2% year-over-year, despite its current stock trading down 4.2%.

Quantbot Technologies LP increased its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 39.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,999 shares of the technology company's stock after acquiring an additional 5,704 shares during the period. Quantbot Technologies LP owned about 0.06% of Novanta worth $2,557,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOVT. Parallel Advisors LLC raised its holdings in shares of Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after acquiring an additional 214 shares during the period. Johnson Financial Group Inc. raised its holdings in shares of Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after acquiring an additional 270 shares during the period. GAMMA Investing LLC raised its holdings in shares of Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after acquiring an additional 238 shares during the period. 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 acquiring 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 acquiring an additional 184 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird decreased their price target on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research note on Monday, August 11th. One analyst has rated the stock with a Hold rating, According to MarketBeat, Novanta currently has an average rating of "Hold" and an average price target of $133.00.

Novanta Stock Performance

Shares of NASDAQ:NOVT traded down $3.9160 on Monday, reaching $119.0540. 171,757 shares of the company's stock were exchanged, compared to its average volume of 291,026. The company has a fifty day moving average of $123.93 and a 200-day moving average of $126.84. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $186.75. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 70.45 and a beta of 1.48. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same quarter in the prior year, the business posted $0.73 EPS. The business's revenue was up 2.2% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. On average, research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

About Novanta

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.