Novanta (NASDAQ:NOVT) Hits New 12-Month Low – Here’s Why

Novanta Inc. (NASDAQ:NOVT)’s stock price reached a new 52-week low on Friday . The company traded as low as $130.50 and last traded at $130.82, with a volume of 15894 shares changing hands. The stock had previously closed at $132.53.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their target price on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd.

Novanta Stock Performance

The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 77.29 and a beta of 1.34. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $142.91 and a 200-day simple moving average of $158.59.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 EPS. On average, analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Institutional Trading of Novanta

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Novanta by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock valued at $629,997,000 after acquiring an additional 62,585 shares during the last quarter. State Street Corp grew its position in shares of Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock valued at $232,313,000 after buying an additional 24,929 shares during the last quarter. Alliancebernstein L.P. raised its stake in Novanta by 6.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company’s stock worth $153,515,000 after acquiring an additional 58,864 shares during the period. William Blair Investment Management LLC raised its position in shares of Novanta by 1.2% during the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock worth $149,079,000 after purchasing an additional 11,361 shares during the period. Finally, Geneva Capital Management LLC increased its position in Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock worth $130,257,000 after buying an additional 72,592 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.