Novanta Inc. (NASDAQ:NOVT - Get Free Report) rose 5.6% during mid-day trading on Tuesday . The stock traded as high as $148.50 and last traded at $146.02. Approximately 280,266 shares changed hands during mid-day trading, an increase of 32% from the average daily volume of 212,172 shares. The stock had previously closed at $138.30.
Analyst Ratings Changes
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 note on Wednesday, November 6th.
Get Our Latest Stock Analysis on NOVT
Novanta Stock Down 0.5 %
The company has a market cap of $5.20 billion, a PE ratio of 86.61 and a beta of 1.28. 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 company's 50 day moving average is $148.83 and its 200 day moving average is $164.56.
Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. As a group, analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.
Institutional Trading of Novanta
Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC bought a new position in Novanta during the 4th quarter worth about $26,000. Johnson Financial Group Inc. lifted its position in shares of Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares during the period. Huntington National Bank boosted its stake in shares of Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after purchasing an additional 150 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Novanta during the fourth quarter valued at approximately $97,000. Finally, Venturi Wealth Management LLC increased its holdings in Novanta by 6,500.0% during 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 during the period. 98.35% of the stock is currently owned by institutional investors.
Novanta Company Profile
(
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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.
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