Novanta (NASDAQ:NOVT) Announces Quarterly Earnings Results

Novanta (NASDAQ:NOVT - Get Free Report) posted its quarterly earnings results on Tuesday. The technology company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.05, Zacks reports. The company had revenue of $238.10 million for the quarter, compared to analysts' expectations of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. Novanta's quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the firm earned $0.63 earnings per share.

Novanta Stock Down 0.5 %

Shares of NASDAQ NOVT traded down $0.69 during mid-day trading on Friday, reaching $144.64. The company had a trading volume of 281,383 shares, compared to its average volume of 233,061. The firm has a 50 day simple moving average of $148.83 and a two-hundred day simple moving average of $164.56. Novanta has a 52-week low of $137.91 and a 52-week high of $187.12. 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 market cap of $5.20 billion, a P/E ratio of 86.61 and a beta of 1.28.

Wall Street Analyst Weigh In

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

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.