Twinbeech Capital LP Has $2.41 Million Holdings in Novanta Inc. (NASDAQ:NOVT)

Twinbeech Capital LP trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 44.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,791 shares of the technology company's stock after selling 12,402 shares during the quarter. Twinbeech Capital LP's holdings in Novanta were worth $2,412,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in Novanta during the fourth quarter worth $26,000. Johnson Financial Group Inc. grew its position in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after purchasing an additional 270 shares during the last quarter. Huntington National Bank grew its position in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after purchasing an additional 150 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Novanta in the fourth quarter valued at about $97,000. Finally, Venturi Wealth Management LLC grew its position in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd.

Novanta Price Performance

Shares of NASDAQ:NOVT traded up $2.82 during trading on Tuesday, reaching $122.95. The stock had a trading volume of 46,645 shares, compared to its average volume of 289,700. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The business's 50-day moving average price is $121.23 and its 200 day moving average price is $141.95. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market capitalization of $4.42 billion, a PE ratio of 73.62 and a beta of 1.51.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. The business had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 earnings per share. As a group, equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

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.