Novanta (NASDAQ:NOVT) Shares Up 5.6% – Here’s What Happened

Novanta Inc. (NASDAQ:NOVT) shares rose 5.6% during mid-day trading on Tuesday . The company traded as high as $148.50 and last traded at $146.02. Approximately 280,266 shares were traded 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.

Analysts Set New Price Targets

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

Novanta Trading Up 5.9 %

The business’s fifty day simple moving average is $149.48 and its two-hundred day simple moving average is $164.96. 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 capitalization of $5.26 billion, a P/E ratio of 87.73 and a beta of 1.28.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). The firm had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. Novanta’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.63 EPS. As a group, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Institutional Investors Weigh In On Novanta

Large investors have recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in shares of Novanta during the fourth quarter worth $26,000. GHP Investment Advisors Inc. acquired a new position in shares of Novanta in the 3rd quarter valued at $49,000. Johnson Financial Group Inc. boosted 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 last quarter. Huntington National Bank increased its holdings in Novanta by 53.6% in 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 during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Novanta in the fourth quarter valued at about $97,000. 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.