Novanta (NASDAQ:NOVT) Reaches New 12-Month Low – What’s Next?

Novanta Inc. (NASDAQ:NOVT)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $119.92 and last traded at $118.45, with a volume of 46953 shares trading hands. The stock had previously closed at $128.65.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price target on shares of 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 8.3 %

The business’s 50 day moving average is $141.56 and its 200 day moving average is $157.73. 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 market capitalization of $4.24 billion, a price-to-earnings ratio of 70.65 and a beta of 1.42.

Novanta (NASDAQ:NOVT) 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. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same period in the prior year, the company earned $0.63 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. Sell-side analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NOVT. Empowered Funds LLC purchased a new position in shares of Novanta during the 4th quarter valued at approximately $26,000. Johnson Financial Group Inc. increased its stake 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 valued at $49,000 after purchasing an additional 270 shares in the last quarter. Huntington National Bank raised its holdings in Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after purchasing an additional 150 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Novanta in the fourth quarter valued at approximately $97,000. Finally, Venturi Wealth Management LLC increased its position in shares of Novanta by 6,500.0% in 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 in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.