Novanta Inc. (NASDAQ:NOVT - Get Rating) - Research analysts at William Blair lowered their Q2 2022 EPS estimates for Novanta in a report released on Tuesday, May 10th. William Blair analyst B. Drab now expects that the technology company will post earnings of $0.72 per share for the quarter, down from their previous estimate of $0.74. William Blair has a "Outperform" rating on the stock. William Blair also issued estimates for Novanta's Q3 2022 earnings at $0.78 EPS and FY2023 earnings at $3.55 EPS.
NOVT has been the topic of a number of other research reports. Zacks Investment Research raised Novanta from a "hold" rating to a "buy" rating and set a $135.00 price objective on the stock in a research note on Friday. StockNews.com began coverage on Novanta in a research note on Thursday, March 31st. They set a "hold" rating on the stock.
Novanta stock opened at $128.06 on Thursday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.35 and a current ratio of 2.03. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 79.05 and a beta of 1.11. Novanta has a fifty-two week low of $114.31 and a fifty-two week high of $184.44. The stock's fifty day moving average is $133.20 and its two-hundred day moving average is $148.42. Novanta (NASDAQ:NOVT - Get Rating) last posted its earnings results on Tuesday, May 10th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. The company had revenue of $204.20 million for the quarter, compared to analyst estimates of $195.96 million. Novanta had a return on equity of 19.70% and a net margin of 7.73%. Novanta's revenue was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in shares of Novanta during the first quarter valued at $3,472,000. Charles Schwab Investment Management Inc. lifted its position in Novanta by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 292,315 shares of the technology company's stock worth $41,594,000 after buying an additional 9,388 shares during the period. Lazard Asset Management LLC lifted its position in Novanta by 23.1% during the first quarter. Lazard Asset Management LLC now owns 976 shares of the technology company's stock worth $138,000 after buying an additional 183 shares during the period. Zions Bancorporation N.A. lifted its position in Novanta by 33.7% during the first quarter. Zions Bancorporation N.A. now owns 7,523 shares of the technology company's stock worth $1,070,000 after buying an additional 1,896 shares during the period. Finally, Loomis Sayles & Co. L P lifted its position in Novanta by 7.1% during the first quarter. Loomis Sayles & Co. L P now owns 362,800 shares of the technology company's stock worth $51,623,000 after buying an additional 24,072 shares during the period. 94.10% of the stock is currently owned by institutional investors and hedge funds.
Novanta Company Profile (Get Rating)
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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