Novanta (NASDAQ:NOVT) Releases Q4 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.70-0.74 for the period, compared to the consensus earnings per share estimate of $0.97. The company issued revenue guidance of $237-242 million, compared to the consensus revenue estimate of $263.99 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Wall Street Analyst Weigh In

Separately, Robert W. Baird decreased their price objective on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research report on Wednesday.

Novanta Stock Up 10.5 %

NOVT traded up $17.27 during trading on Wednesday, reaching $181.94. 346,439 shares of the stock were exchanged, compared to its average volume of 140,008. The stock’s 50 day moving average price is $174.21 and its two-hundred day moving average price is $169.69. Novanta has a twelve month low of $111.20 and a twelve month high of $187.12. The stock has a market cap of $6.53 billion, a P/E ratio of 95.18 and a beta of 1.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01). Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period last year, the firm posted $0.85 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities analysts expect that Novanta will post 3.3 EPS for the current year.

Insider Transactions at Novanta

In other news, CFO Robert Buckley sold 3,660 shares of Novanta stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total transaction of $636,876.60. Following the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 9,150 shares of company stock valued at $1,608,936 over the last ninety days. 1.20% of the stock is owned by company insiders.

Novanta Company Profile

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.