Trexquant Investment LP Takes $2.99 Million Position in Novanta Inc. $NOVT

Key Points

• Trexquant Investment LP acquired 23,396 shares of Novanta Inc. ($NOVT), valued at approximately $2.99 million, increasing its stake to 0.07%.
• Institutional investors now own 98.35% of Novanta's stock, indicating strong institutional interest in the company.
• Novanta reported a Q2 EPS of $0.76, surpassing analysts' expectations, and projected FY 2025 EPS guidance between 3.220-3.360.

Trexquant Investment LP purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,396 shares of the technology company's stock, valued at approximately $2,992,000. Trexquant Investment LP owned approximately 0.07% of Novanta as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. State of Michigan Retirement System increased its position in shares of Novanta by 1.2% during the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock worth $1,100,000 after acquiring an additional 100 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in Novanta by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock worth $1,291,000 after acquiring an additional 100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Novanta by 4.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company's stock worth $304,000 after purchasing an additional 103 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock worth $537,000 after acquiring an additional 105 shares during the period. Finally, State of Wyoming lifted its stake in Novanta by 4.4% during the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company's stock worth $387,000 after purchasing an additional 106 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Trading Down 0.9%

NOVT stock traded down $1.00 during mid-day trading on Monday, reaching $115.10. 156,607 shares of the stock traded hands, compared to its average volume of 296,650. The company has a market cap of $4.14 billion, a P/E ratio of 67.60 and a beta of 1.50. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $184.11. The stock's fifty day moving average is $122.29 and its 200-day moving average is $124.80. 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 issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company had revenue of $241.05 million for the quarter, compared to analysts' expectations of $237.97 million. During the same quarter last year, the business earned $0.73 earnings per share. Novanta's revenue 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. As a group, sell-side analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

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