Novanta (NASDAQ:NOVT) Reaches New 12-Month Low – What’s Next?

Novanta Inc. (NASDAQ:NOVT)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $131.02 and last traded at $131.96, with a volume of 87338 shares trading hands. The stock had previously closed at $134.21.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd.

Novanta Stock Down 1.7 %

The company has a market cap of $4.74 billion, a P/E ratio of 78.90 and a beta of 1.34. The company has a 50 day moving average of $144.59 and a 200-day moving average of $160.29. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. During the same quarter last year, the business posted $0.63 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Empowered Funds LLC purchased a new position in shares of Novanta in the fourth quarter worth about $26,000. Johnson Financial Group Inc. increased its holdings in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares during the period. Huntington National Bank increased its holdings in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after buying an additional 150 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Novanta in the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after buying an additional 715 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.