XTX Topco Ltd Purchases New Shares in Novanta Inc. (NASDAQ:NOVT)

Key Points

• XTX Topco Ltd has acquired 2,579 shares of Novanta Inc., amounting to approximately $330,000, indicating growing interest in the technology sector.
• Several institutional investors, including the State of Michigan and Louisiana State Employees Retirement System, have also increased their stakes in Novanta, reflecting confidence in the company's performance.
• Novanta reported an earnings per share (EPS) of $0.76 for the last quarter, exceeding analyst expectations and showing a 2.2% increase in revenue year-over-year.

XTX Topco Ltd bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,579 shares of the technology company's stock, valued at approximately $330,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State of Michigan Retirement System boosted its stake in Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock worth $1,100,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock worth $1,291,000 after purchasing an additional 100 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in 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 purchasing an additional 105 shares during the last quarter. State of Wyoming boosted its stake in Novanta by 4.4% during the 4th 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. Finally, Signaturefd LLC boosted its stake in Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after purchasing an additional 184 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Up 1.7%

NASDAQ NOVT opened at $115.67 on Friday. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $186.75. The company has a quick ratio of 1.70, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The business's fifty day simple moving average is $125.45 and its 200-day simple moving average is $129.04. The firm has a market cap of $4.16 billion, a PE ratio of 68.04 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS 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 business had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same quarter in the previous year, the firm earned $0.73 EPS. The company's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Novanta from a "hold" rating to a "buy" rating in a research note on Sunday, August 3rd.

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.

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