BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a report published on Thursday.
Separately, Robert W. Baird assumed coverage on Novanta in a research report on Thursday, December 7th. They set an outperform rating and a $54.00 price target on the stock.
Shares of Novanta (NASDAQ:NOVT) traded down $1.05 during trading hours on Thursday, reaching $53.85. The company had a trading volume of 154,600 shares, compared to its average volume of 246,935. The firm has a market capitalization of $1,899.11, a P/E ratio of 36.12 and a beta of 1.33. Novanta has a 1-year low of $23.75 and a 1-year high of $60.30. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76.
In related news, Director Stephen W. Bershad sold 500,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $89,947,102.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.30% of the company’s stock.
Several hedge funds have recently modified their holdings of NOVT. Ameriprise Financial Inc. acquired a new stake in shares of Novanta in the 2nd quarter valued at $1,575,000. New York State Common Retirement Fund boosted its holdings in shares of Novanta by 69.9% in the 2nd quarter. New York State Common Retirement Fund now owns 57,097 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 23,496 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in shares of Novanta by 35.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 13,298 shares of the technology company’s stock valued at $479,000 after purchasing an additional 3,500 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Novanta by 6.9% in the 2nd quarter. Northern Trust Corp now owns 436,531 shares of the technology company’s stock valued at $15,715,000 after purchasing an additional 28,044 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Novanta by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,383,834 shares of the technology company’s stock valued at $49,818,000 after purchasing an additional 60,925 shares in the last quarter. 80.50% of the stock is currently owned by hedge funds and other institutional investors.
WARNING: “Novanta (NOVT) Upgraded to “Buy” by BidaskClub” was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this piece on another site, it was stolen and republished in violation of United States and international copyright law. The legal version of this piece can be accessed at https://www.dispatchtribunal.com/2018/02/23/novanta-novt-upgraded-to-buy-by-bidaskclub.html.
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.
Receive News & Ratings for Novanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novanta and related companies with MarketBeat.com's FREE daily email newsletter.