Occudo Quantitative Strategies LP Makes New $482,000 Investment in Novanta Inc. (NASDAQ:NOVT)

Occudo Quantitative Strategies LP acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,155 shares of the technology company's stock, valued at approximately $482,000.

Several other institutional investors and hedge funds have also modified their holdings of NOVT. Millennium Management LLC lifted its holdings in shares of Novanta by 2,714.7% in the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after purchasing an additional 85,160 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Novanta by 6.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,761 shares of the technology company's stock worth $5,608,000 after acquiring an additional 2,317 shares in the last quarter. Lazard Asset Management LLC boosted its position in Novanta by 220.6% during the fourth quarter. Lazard Asset Management LLC now owns 5,969 shares of the technology company's stock valued at $911,000 after purchasing an additional 4,107 shares during the last quarter. Graham Capital Management L.P. bought a new position in Novanta in the fourth quarter valued at approximately $269,000. Finally, Focus Partners Wealth acquired a new stake in shares of Novanta in the 4th quarter valued at approximately $538,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NOVT traded down $3.10 during trading hours on Wednesday, reaching $125.21. The company's stock had a trading volume of 82,324 shares, compared to its average volume of 208,588. The company's 50-day moving average is $122.58 and its 200-day moving average is $143.84. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The firm has a market cap of $4.50 billion, a PE ratio of 75.07 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.68 by $0.06. The business had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird decreased their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, March 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.