BidaskClub Upgrades Novanta (NOVT) to “Hold”

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

Several other research analysts have also recently issued reports on the stock. ValuEngine raised shares of Novanta from a “hold” rating to a “buy” rating in a report on Wednesday, October 31st. Zacks Investment Research cut shares of Novanta from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Novanta presently has a consensus rating of “Hold” and a consensus price target of $64.00.

NASDAQ:NOVT traded down $2.61 during mid-day trading on Wednesday, hitting $75.28. 1,802 shares of the company’s stock were exchanged, compared to its average volume of 229,029. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.18 and a quick ratio of 2.14. The firm has a market capitalization of $2.56 billion, a P/E ratio of 47.08 and a beta of 1.72. Novanta has a one year low of $43.65 and a one year high of $78.85.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 6th. The technology company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.09. The business had revenue of $160.79 million during the quarter, compared to analysts’ expectations of $154.43 million. Novanta had a net margin of 6.18% and a return on equity of 19.30%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. On average, equities research analysts expect that Novanta will post 1.99 earnings per share for the current fiscal year.

In other Novanta news, CFO Robert Buckley sold 13,487 shares of Novanta stock in a transaction dated 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 transaction, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Peter L. Chang sold 3,680 shares of Novanta stock in a transaction dated 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 transaction, 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 sold 37,167 shares of company stock valued at $2,723,121 over the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOVT. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Novanta by 2,010.2% during the first 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 last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Novanta by 58.7% during the second quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock valued at $160,000 after purchasing an additional 951 shares during the last quarter. Advisory Services Network LLC raised its holdings in shares of Novanta by 430.0% during the second quarter. Advisory Services Network LLC now owns 2,650 shares of the technology company’s stock valued at $182,000 after purchasing an additional 2,150 shares during the last quarter. Zions Bancorporation purchased a new position in shares of Novanta during the second quarter valued at approximately $220,000. Finally, Xact Kapitalforvaltning AB purchased a new position in shares of Novanta during the first quarter valued at approximately $237,000. 86.63% of the stock is owned by hedge funds and other institutional investors.

Novanta Company Profile

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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