Novanta (NASDAQ:NOVT) Hits New 1-Year Low - Time to Sell?

Shares of Novanta Inc. (NASDAQ:NOVT - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $119.92 and last traded at $118.45, with a volume of 46953 shares. The stock had previously closed at $128.65.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their price objective on 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 2.2 %

The company has a 50-day moving average of $139.17 and a two-hundred day moving average of $156.30. The company has a market capitalization of $3.69 billion, a P/E ratio of 61.47 and a beta of 1.42. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

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 the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. During the same quarter in the prior year, the firm posted $0.63 earnings per share. The business's revenue was up 12.5% on a year-over-year basis. On average, research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

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Institutional Trading of Novanta

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Novanta in the 4th quarter worth approximately $48,442,000. T. Rowe Price Investment Management Inc. grew its holdings in Novanta by 69.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock valued at $103,910,000 after purchasing an additional 279,793 shares during the last quarter. WCM Investment Management LLC purchased a new position in Novanta during the 4th quarter valued at $15,104,000. Schroder Investment Management Group grew its holdings in shares of Novanta by 52.5% in the fourth quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after purchasing an additional 93,511 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Novanta by 2,714.7% during the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock valued at $13,489,000 after acquiring an additional 85,160 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

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.