Novanta (NASDAQ:NOVT) Raised to “Buy” at BidaskClub

BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research report report published on Thursday, November 28th, BidAskClub reports.

Separately, Zacks Investment Research upgraded Novanta from a sell rating to a hold rating in a report on Wednesday, October 9th.

NASDAQ NOVT traded down $0.87 on Thursday, reaching $90.63. The company had a trading volume of 94,796 shares, compared to its average volume of 151,555. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 41.96 and a beta of 1.49. The stock’s 50 day moving average is $87.39 and its 200-day moving average is $84.22. The company has a quick ratio of 1.43, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. Novanta has a 52 week low of $57.07 and a 52 week high of $96.31.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, November 5th. The technology company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The company had revenue of $154.10 million for the quarter, compared to analyst estimates of $155.04 million. Novanta had a net margin of 6.94% and a return on equity of 20.01%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the business posted $0.61 earnings per share. As a group, analysts forecast that Novanta will post 2.14 EPS for the current year.

In related news, Director Stephen W. Bershad sold 400,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.28, for a total transaction of $34,912,000.00. Company insiders own 4.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of NOVT. Metropolitan Life Insurance Co NY raised its position in Novanta by 9.1% during the third quarter. Metropolitan Life Insurance Co NY now owns 10,812 shares of the technology company’s stock worth $884,000 after acquiring an additional 900 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of Novanta by 18.2% in the third quarter. Squarepoint Ops LLC now owns 17,401 shares of the technology company’s stock valued at $1,422,000 after purchasing an additional 2,676 shares during the last quarter. Voloridge Investment Management LLC raised its position in shares of Novanta by 74.7% in the third quarter. Voloridge Investment Management LLC now owns 8,014 shares of the technology company’s stock valued at $655,000 after purchasing an additional 3,426 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Novanta by 15.9% in the third quarter. Public Employees Retirement System of Ohio now owns 32,047 shares of the technology company’s stock valued at $2,619,000 after purchasing an additional 4,407 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of Novanta by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 52,481 shares of the technology company’s stock worth $4,289,000 after buying an additional 626 shares during the last quarter. Institutional investors own 88.83% of the company’s stock.

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.

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