Novanta (NOVT) Rating Increased to Hold at BidaskClub

Novanta (NASDAQ:NOVT) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Several other analysts also recently weighed in on the stock. ValuEngine downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, October 6th. Zacks Investment Research downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Novanta has an average rating of “Hold” and a consensus target price of $64.00.

NASDAQ NOVT opened at $74.00 on Wednesday. Novanta has a 52-week low of $43.65 and a 52-week high of $78.85. The company has a quick ratio of 2.14, a current ratio of 3.18 and a debt-to-equity ratio of 0.61. The firm has a market cap of $2.15 billion, a PE ratio of 46.25 and a beta of 1.72.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.09. The company had revenue of $160.79 million during the quarter, compared to the consensus estimate of $154.43 million. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. On average, equities analysts expect that Novanta will post 2 EPS for the current year.

In other Novanta news, CFO Robert Buckley sold 13,487 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $72.90, for a total value of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Peter L. Chang sold 3,680 shares of the business’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $70.63, for a total transaction of $259,918.40. Following the completion of the sale, the vice president now directly owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Conestoga Capital Advisors LLC purchased a new position in shares of Novanta in the second quarter valued at about $22,610,000. Janus Henderson Group PLC purchased a new position in shares of Novanta in the second quarter valued at about $18,043,000. Public Employees Retirement Association of Colorado purchased a new position in shares of Novanta in the second quarter valued at about $12,647,000. BlackRock Inc. increased its position in shares of Novanta by 6.0% in the second quarter. BlackRock Inc. now owns 2,171,173 shares of the technology company’s stock valued at $135,264,000 after acquiring an additional 123,401 shares during the period. Finally, Meritage Portfolio Management purchased a new position in shares of Novanta in the second quarter valued at about $5,964,000. 86.63% of the stock is owned by institutional investors and hedge funds.

About Novanta

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.

Further Reading: Hedge Funds Explained

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.


Leave a Reply