Polar Asset Management Partners Inc. Purchases New Position in Novanta Inc. $NOVT

Key Points

• Polar Asset Management Partners Inc. acquired approximately $8.57 million worth of Novanta Inc. stocks, increasing its stake to 0.19% of the company.
• Novanta reported a quarterly revenue of $241.05 million, exceeding analysts' estimates, with an EPS of $0.76, surpassing the expected $0.74.
• The stock has recently been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, with a current average target price of $133.00.

Polar Asset Management Partners Inc. purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 66,997 shares of the technology company's stock, valued at approximately $8,567,000. Polar Asset Management Partners Inc. owned 0.19% of Novanta as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NOVT. Champlain Investment Partners LLC raised its holdings in Novanta by 45.6% in the 1st quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company's stock valued at $76,235,000 after buying an additional 186,848 shares during the period. Millennium Management LLC raised its holdings in Novanta by 180.7% in the 1st quarter. Millennium Management LLC now owns 247,848 shares of the technology company's stock valued at $31,692,000 after buying an additional 159,551 shares during the period. Nuveen LLC purchased a new stake in Novanta in the 1st quarter valued at about $16,075,000. Geneva Capital Management LLC raised its holdings in Novanta by 9.5% in the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company's stock valued at $119,435,000 after buying an additional 81,397 shares during the period. Finally, Southpoint Capital Advisors LP purchased a new stake in Novanta during the first quarter worth about $8,951,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Stock Up 2.3%

Shares of NOVT stock traded up $2.60 during trading hours on Thursday, reaching $117.56. 65,383 shares of the stock were exchanged, compared to its average volume of 295,147. The business's fifty day moving average is $121.35 and its two-hundred day moving average is $124.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $184.11. The firm has a market capitalization of $4.23 billion, a P/E ratio of 69.09 and a beta of 1.50.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share 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 period in the prior year, the firm earned $0.73 earnings per share. The business's quarterly 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. As a group, research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on NOVT. Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. 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 note on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price 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.