Novanta (NASDAQ:NOVT) Reaches New 1-Year Low – Here’s Why

08 Jan 2025, 15:46 by Tristan Rich · The Markets Daily

Shares of Novanta Inc. (NASDAQ:NOVT – Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $145.02 and last traded at $146.50, with a volume of 15586 shares. The stock had previously closed at $150.72.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Read Our Latest Report on Novanta

Novanta Price Performance

The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 88.73 and a beta of 1.28. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average is $165.36 and its 200-day moving average is $170.51.

Novanta (NASDAQ:NOVT – Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. During the same period in the prior year, the company posted $0.85 EPS. The company’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the sale, the chief executive officer now owns 56,382 shares in the company, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in shares of Novanta by 47.6% during the second quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock valued at $122,000 after acquiring an additional 242 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Novanta by 1.3% in the 2nd quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock valued at $1,228,000 after purchasing an additional 99 shares during the last quarter. Arizona State Retirement System grew its position in shares of Novanta by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 10,034 shares of the technology company’s stock worth $1,637,000 after buying an additional 192 shares during the period. American Century Companies Inc. raised its stake in shares of Novanta by 13.9% during the second quarter. American Century Companies Inc. now owns 3,009 shares of the technology company’s stock worth $491,000 after buying an additional 367 shares during the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Novanta by 0.4% during the second quarter. William Blair Investment Management LLC now owns 960,152 shares of the technology company’s stock worth $156,610,000 after buying an additional 4,079 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Company Profile

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