Novanta (NASDAQ:NOVT) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Tuesday.
Other research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Friday, May 11th. Robert W. Baird reissued a “buy” rating on shares of Novanta in a research note on Thursday, March 1st. Finally, William Blair started coverage on shares of Novanta in a research note on Tuesday, February 27th. They set an “outperform” rating for the company.
Shares of NASDAQ:NOVT opened at $59.80 on Tuesday. The company has a quick ratio of 2.18, a current ratio of 3.25 and a debt-to-equity ratio of 0.70. Novanta has a fifty-two week low of $35.00 and a fifty-two week high of $68.00. The stock has a market cap of $2.11 billion, a P/E ratio of 37.38 and a beta of 1.50.
Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, May 8th. The technology company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.07. The firm had revenue of $147.00 million during the quarter, compared to analyst estimates of $139.55 million. Novanta had a net margin of 5.14% and a return on equity of 20.02%. Novanta’s revenue was up 34.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 EPS. equities analysts expect that Novanta will post 1.99 earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the business. Ladenburg Thalmann Financial Services Inc. boosted its stake in Novanta by 2,010.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,102 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,955 shares during the period. Quantbot Technologies LP boosted its stake in Novanta by 91.7% during the 1st quarter. Quantbot Technologies LP now owns 3,806 shares of the technology company’s stock valued at $198,000 after purchasing an additional 1,821 shares during the period. Bradley Foster & Sargent Inc. CT acquired a new position in Novanta during the 1st quarter valued at about $201,000. SG Americas Securities LLC acquired a new position in Novanta during the 1st quarter valued at about $216,000. Finally, Amalgamated Bank acquired a new position in Novanta during the 4th quarter valued at about $218,000. 82.74% of the stock is owned by hedge funds and other institutional investors.
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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