BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a buy rating to a strong-buy rating in a research note published on Friday, January 19th.
Separately, Robert W. Baird started coverage on Novanta in a report on Thursday, December 7th. They issued an outperform rating and a $54.00 price target for the company.
Novanta (NOVT) traded down $0.30 on Friday, hitting $50.60. The stock had a trading volume of 197,986 shares, compared to its average volume of 256,431. The stock has a market cap of $1,760.74, a P/E ratio of 37.21 and a beta of 1.33. The company has a current ratio of 2.93, a quick ratio of 2.00 and a debt-to-equity ratio of 0.76. Novanta has a fifty-two week low of $23.75 and a fifty-two week high of $60.30.
In other news, Director Stephen W. Bershad sold 500,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the sale, the director now owns 1,711,648 shares in the company, valued at $89,947,102.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.30% of the company’s stock.
A number of institutional investors have recently modified their holdings of NOVT. Schwab Charles Investment Management Inc. boosted its holdings in Novanta by 9.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 126,383 shares of the technology company’s stock valued at $4,550,000 after acquiring an additional 10,863 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Novanta by 4.8% during the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock worth $275,000 after purchasing an additional 353 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Novanta by 2,150.3% during the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock worth $147,000 after purchasing an additional 3,892 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Novanta by 1.5% during the second quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock worth $1,534,000 after purchasing an additional 610 shares in the last quarter. Finally, Teachers Advisors LLC lifted its stake in shares of Novanta by 6.0% during the second quarter. Teachers Advisors LLC now owns 77,122 shares of the technology company’s stock worth $2,776,000 after purchasing an additional 4,359 shares in the last quarter. Hedge funds and other institutional investors own 76.83% of the company’s stock.
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Novanta Company Profile
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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