Wall Street Zen upgraded shares of Novanta (NASDAQ:NOVT - Free Report) from a hold rating to a buy rating in a research report report published on Friday.
Separately, Robert W. Baird cut their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd.
Check Out Our Latest Analysis on Novanta
Novanta Trading Up 1.0%
Shares of NOVT traded up $1.28 during trading hours on Friday, hitting $128.70. 210,479 shares of the stock traded hands, compared to its average volume of 215,908. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta has a 1-year low of $98.76 and a 1-year high of $187.12. The firm has a market capitalization of $4.63 billion, a PE ratio of 77.07 and a beta of 1.46. The business has a fifty day moving average of $119.77 and a 200-day moving average of $138.85.
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 (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts expect that Novanta will post 3.03 EPS for the current year.
Hedge Funds Weigh In On Novanta
Several large investors have recently bought and sold shares of the business. Empowered Funds LLC acquired a new position in Novanta in the fourth quarter valued at about $26,000. Parallel Advisors LLC lifted its stake in Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after buying an additional 214 shares during the period. SVB Wealth LLC acquired a new position in Novanta in the first quarter valued at about $48,000. Johnson Financial Group Inc. lifted its stake in 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 buying an additional 270 shares during the period. Finally, GAMMA Investing LLC lifted its stake in 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. 98.35% of the stock is currently owned by institutional investors and hedge funds.
About Novanta
(
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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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