Novanta (NASDAQ:NOVT) Releases Q3 2024 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.850-0.890 for the period, compared to the consensus estimate of 0.860. The company issued revenue guidance of $241.0 million-$244.0 million, compared to the consensus revenue estimate of $251.2 million. Novanta also updated its FY 2024 guidance to 3.200-3.350 EPS.

Analysts Set New Price Targets

Separately, Robert W. Baird lifted their price target on Novanta from $170.00 to $175.00 and gave the company a neutral rating in a report on Wednesday.

Novanta Stock Down 1.7 %

NASDAQ NOVT traded down $2.89 on Friday, reaching $171.22. The stock had a trading volume of 151,557 shares, compared to its average volume of 140,981. The business has a 50 day moving average price of $167.76 and a 200 day moving average price of $165.42. The company has a current ratio of 2.83, a quick ratio of 1.77 and a debt-to-equity ratio of 0.75. Novanta has a 1 year low of $111.20 and a 1 year high of $187.12. The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of 88.99 and a beta of 1.31.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The firm had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same quarter in the previous year, the company posted $0.80 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, analysts forecast that Novanta will post 3.26 EPS for the current fiscal year.

Insider Buying and Selling at Novanta

In other Novanta news, Director Thomas N. Secor sold 1,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $158.60, for a total value of $158,600.00. Following the completion of the sale, the director now owns 928 shares of the company’s stock, valued at $147,180.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Novanta news, Director Thomas N. Secor sold 1,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $158.60, for a total value of $158,600.00. Following the completion of the sale, the director now owns 928 shares of the company’s stock, valued at $147,180.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Buckley sold 1,830 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $180.18, for a total value of $329,729.40. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $21,697,095.42. The disclosure for this sale can be found here. Insiders have sold 11,684 shares of company stock worth $1,978,901 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.