Novanta (NASDAQ:NOVT) Stock Price Breaks Below 200 Day Moving Average – Here’s What Happened

Novanta Inc. (NASDAQ:NOVT) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $142.55 and traded as low as $130.29. Novanta shares last traded at $131.82, with a volume of 473,366 shares traded.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Zacks Research lowered shares of Novanta from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 6th. Robert W. Baird set a $194.00 price target on shares of Novanta in a research report on Friday, August 7th. Wall Street Zen cut Novanta from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Novanta in a report on Tuesday, October 13th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Novanta presently has an average rating of “Hold” and a consensus price target of $194.00.

Novanta Stock Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 4.57 and a quick ratio of 3.79. The firm has a market capitalization of $4.99 billion, a PE ratio of 84.50 and a beta of 1.71. The firm has a fifty day moving average price of $142.37 and a 200 day moving average price of $142.55.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The firm had revenue of $265.81 million for the quarter, compared to analysts’ expectations of $262.30 million. Novanta had a return on equity of 10.83% and a net margin of 6.00%. Novanta’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. Research analysts anticipate that Novanta Inc. will post 3.70 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Novanta during the second quarter valued at approximately $34,000. Gables Capital Management Inc. purchased a new stake in shares of Novanta in the 3rd quarter valued at approximately $39,000. Pinnacle Wealth Planning Services Inc. boosted its stake in Novanta by 29.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 303 shares of the technology company’s stock worth $43,000 after purchasing an additional 69 shares during the period. Signaturefd LLC boosted its stake in Novanta by 231.7% in the 3rd quarter. Signaturefd LLC now owns 345 shares of the technology company’s stock worth $49,000 after purchasing an additional 241 shares during the period. Finally, Harbor Investment Advisory LLC acquired a new position in Novanta in the 2nd quarter worth approximately $54,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

About Novanta

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.