Quantbot Technologies LP Invests $2.18 Million in Novanta Inc. (NASDAQ:NOVT)

Quantbot Technologies LP bought a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,295 shares of the technology company's stock, valued at approximately $2,184,000.

Other hedge funds have also recently made changes to their positions in the company. Xponance Inc. lifted its position in Novanta by 9.5% in the fourth quarter. Xponance Inc. now owns 5,298 shares of the technology company's stock worth $809,000 after buying an additional 460 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Novanta by 1.2% in the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock worth $149,079,000 after acquiring an additional 11,361 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of Novanta during the 4th quarter worth about $513,000. Nicholas Company Inc. grew its holdings in Novanta by 65.1% during the 4th quarter. Nicholas Company Inc. now owns 35,369 shares of the technology company's stock valued at $5,403,000 after purchasing an additional 13,944 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in Novanta by 5.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock worth $258,000 after purchasing an additional 90 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Trading Down 2.0 %

Novanta stock traded down $2.66 during mid-day trading on Thursday, hitting $132.53. The company's stock had a trading volume of 164,444 shares, compared to its average volume of 167,174. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company has a 50 day moving average of $143.63 and a 200-day moving average of $159.11. Novanta Inc. has a one year low of $131.03 and a one year high of $187.12. The stock has a market cap of $4.77 billion, a PE ratio of 79.36 and a beta of 1.34.

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Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The company had revenue of $238.10 million during 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 firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. On average, research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd.

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.