33,415 Shares in Novanta Inc. (NASDAQ:NOVT) Purchased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 33,415 shares of the technology company's stock, valued at approximately $5,105,000. Kornitzer Capital Management Inc. KS owned 0.09% of Novanta at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Empowered Funds LLC purchased a new position in Novanta in the fourth quarter worth $26,000. GHP Investment Advisors Inc. purchased a new position in Novanta in the third quarter worth $49,000. nVerses Capital LLC purchased a new position in Novanta in the third quarter worth $54,000. Venturi Wealth Management LLC increased its position in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after buying an additional 715 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Novanta by 28.4% in the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock valued at $166,000 after buying an additional 213 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on Novanta from $175.00 to $169.00 and set a "neutral" rating for the company in a research report on Wednesday, November 6th.

Novanta Price Performance

Shares of NOVT stock traded down $2.29 during mid-day trading on Friday, reaching $140.51. The stock had a trading volume of 243,354 shares, compared to its average volume of 200,413. Novanta Inc. has a 12-month low of $139.78 and a 12-month high of $187.12. The company has a market cap of $5.05 billion, a P/E ratio of 84.14 and a beta of 1.28. The business has a 50-day simple moving average of $150.65 and a 200 day simple moving average of $165.38. 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 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.