Novanta (NASDAQ:NOVT) Reaches New 12-Month Low - Time to Sell?

Novanta Inc. (NASDAQ:NOVT - Get Free Report) shares 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.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their price target 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.

Novanta Stock Down 0.2 %

The company has a market capitalization of $4.59 billion, a P/E ratio of 76.36 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 moving average price of $142.48 and a 200 day moving average price of $158.24.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $238.10 million during the quarter, compared to analysts' expectations of $240.29 million. During the same quarter in the prior year, the firm earned $0.63 EPS. The business's revenue for the quarter was up 12.5% compared to the same quarter last year. On average, research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Remove Ads

Hedge Funds Weigh In On Novanta

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Novanta in the fourth quarter valued at $374,000. Azzad Asset Management Inc. ADV grew its position in shares of Novanta by 4.5% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 17,182 shares of the technology company's stock valued at $2,625,000 after buying an additional 734 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Novanta by 17.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 118,062 shares of the technology company's stock valued at $18,036,000 after buying an additional 17,803 shares during the period. Voloridge Investment Management LLC bought a new position in shares of Novanta during the fourth quarter worth about $7,131,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Novanta in the fourth quarter worth approximately $1,022,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.