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

Novanta Inc. (NASDAQ:NOVT - Get Free Report)'s share price reached a new 52-week low on Wednesday . The stock traded as low as $143.00 and last traded at $143.82, with a volume of 7057 shares traded. The stock had previously closed at $146.53.

Wall Street Analysts Forecast Growth

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

Novanta Stock Down 2.2 %

The business has a fifty day moving average price of $152.47 and a two-hundred day moving average price of $166.11. The firm has a market cap of $5.14 billion, a PE ratio of 85.73 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new position in shares of Novanta during the 3rd quarter valued at $232,000. KBC Group NV grew its stake in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after purchasing an additional 441 shares in the last quarter. Exchange Traded Concepts LLC increased its position in Novanta by 4.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company's stock worth $18,419,000 after purchasing an additional 4,648 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Novanta by 110.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company's stock worth $17,938,000 after purchasing an additional 52,573 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Novanta by 10.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company's stock valued at $131,457,000 after buying an additional 69,858 shares during the last quarter. 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.