Novanta (NASDAQ:NOVT) Rating Lowered to Hold at Zacks Research

Novanta (NASDAQ:NOVT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks reports.

NOVT has been the subject of several other research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Novanta in a research report on Wednesday, July 15th. Robert W. Baird set a $194.00 target price on shares of Novanta in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Novanta from a “hold” rating to a “buy” rating in a research report on Sunday, August 9th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $194.00.

Novanta Stock Performance

NASDAQ:NOVT opened at $143.64 on Tuesday. The company has a market cap of $5.43 billion, a price-to-earnings ratio of 92.08 and a beta of 1.72. Novanta has a 1 year low of $98.27 and a 1 year high of $176.38. The stock’s 50 day simple moving average is $147.78 and its two-hundred day simple moving average is $145.09. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.57 and a quick ratio of 3.79.

Novanta (NASDAQ:NOVT) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.06. Novanta had a return on equity of 10.83% and a net margin of 6.00%.The firm had revenue of $265.81 million during the quarter, compared to the consensus estimate of $262.30 million. During the same period in the prior year, the company earned $0.76 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. As a group, equities analysts anticipate that Novanta will post 3.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Bath Savings Trust Co lifted its holdings in shares of Novanta by 15.6% in the 3rd quarter. Bath Savings Trust Co now owns 3,732 shares of the technology company’s stock worth $531,000 after acquiring an additional 505 shares during the last quarter. Congress Asset Management Co. boosted its stake in shares of Novanta by 0.6% during the 3rd quarter. Congress Asset Management Co. now owns 979,842 shares of the technology company’s stock worth $139,324,000 after purchasing an additional 6,075 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Novanta by 3.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 1,914 shares of the technology company’s stock valued at $311,000 after purchasing an additional 70 shares during the last quarter. State Street Corp grew its holdings in Novanta by 7.3% during the 2nd quarter. State Street Corp now owns 1,436,785 shares of the technology company’s stock valued at $233,005,000 after purchasing an additional 97,621 shares during the last quarter. Finally, SkyView Investment Advisors LLC bought a new position in Novanta during the 2nd quarter valued at about $227,000. Institutional investors own 98.35% of the company’s stock.

Novanta Company Profile

Novanta Inc (NASDAQ:NOVT) is a medical technology and advanced equipment company that develops components and subsystems used by original equipment manufacturers. Its technologies are designed for applications requiring precision motion, photonics, imaging, and other specialized capabilities, with a primary focus on healthcare and medical device markets.

The company’s offerings include precision motion control systems, motors, pumps, encoders, laser sources, optical components, and beam-delivery systems.