Novanta (NASDAQ:NOVT) Sets New 52-Week Low – Time to Sell?

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

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their price target on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd.

Novanta Stock Down 0.5 %

The stock’s 50-day moving average price is $144.31 and its two-hundred day moving average price is $159.85. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.80 billion, a P/E ratio of 79.95 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. Novanta’s revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.63 earnings per share. As a group, research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Novanta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. Victory Capital Management Inc. increased its stake in shares of Novanta by 13.1% in the third quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company’s stock worth $1,523,000 after purchasing an additional 986 shares in the last quarter. Natixis Advisors LLC boosted its holdings in Novanta by 1.7% in the 3rd quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company’s stock worth $4,644,000 after buying an additional 434 shares during the period. Pathstone Holdings LLC grew its stake in Novanta by 1.2% in the 3rd quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company’s stock valued at $4,621,000 after buying an additional 295 shares in the last quarter. Moran Wealth Management LLC raised its holdings in Novanta by 40.1% during the 3rd quarter. Moran Wealth Management LLC now owns 2,963 shares of the technology company’s stock valued at $530,000 after acquiring an additional 848 shares during the period. Finally, Intech Investment Management LLC bought a new stake in Novanta during the 3rd quarter valued at $948,000. 98.35% of the stock is currently owned by institutional investors.

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.