Novanta (NASDAQ:NOVT) Receives Hold (C-) Rating from Weiss Ratings

Key Points

• Novanta has received a Hold (C-) rating from Weiss Ratings, with other analysts also maintaining a hold rating amid fluctuating target prices.
• The company's stock opened at $102.69, with a market cap of $3.69 billion and a 12-month trading range of $98.76 to $184.11.
• Novanta recently announced a $200 million stock repurchase program, indicating confidence in the company's stock value.

Novanta (NASDAQ:NOVT - Get Free Report)'s stock had its "hold (c-)" rating reiterated by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the stock. Zacks Research raised shares of Novanta from a "strong sell" rating to a "hold" rating in a report on Monday. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Finally, Robert W. Baird dropped their target price 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. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $133.00.

Novanta Trading Up 1.7%

Shares of Novanta stock opened at $102.69 on Wednesday. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 60.41 and a beta of 1.49. The company has a fifty day simple moving average of $113.48 and a 200-day simple moving average of $120.05. 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 has a 12-month low of $98.76 and a 12-month high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data 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 net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same quarter in the prior year, the firm earned $0.73 EPS. Novanta's quarterly 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. On average, equities analysts forecast that Novanta will post 3.03 EPS for the current fiscal year.

Novanta announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Novanta

A number of institutional investors and hedge funds have recently bought and sold shares of the company. SVB Wealth LLC acquired a new stake in shares of Novanta in the first quarter valued at about $48,000. GAMMA Investing LLC increased its stake in shares of Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after buying an additional 238 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Novanta in the second quarter valued at about $52,000. CWM LLC increased its stake in shares of Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after buying an additional 310 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after buying an additional 184 shares during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

About Novanta

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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