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

Novanta Inc. (NASDAQ:NOVT)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $145.02 and last traded at $146.50, with a volume of 15586 shares traded. The stock had previously closed at $150.72.

Wall Street Analyst Weigh In

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

Novanta Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company has a market capitalization of $5.32 billion, a PE ratio of 88.65 and a beta of 1.28. The company’s fifty day moving average is $164.02 and its 200-day moving average is $170.13.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter last year, the business posted $0.85 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Insider Buying and Selling at Novanta

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Novanta

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Novanta by 33.1% during the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after purchasing an additional 59 shares during the last quarter. GHP Investment Advisors Inc. purchased a new stake in Novanta in the third quarter valued at $49,000. nVerses Capital LLC purchased a new stake in shares of Novanta in the third quarter worth about $54,000. Van ECK Associates Corp grew its stake in shares of Novanta by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock worth $166,000 after purchasing an additional 213 shares during the period. Finally, KBC Group NV grew its position in Novanta by 14.9% during the third quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock valued at $189,000 after buying an additional 137 shares during the period. 98.35% of the stock is currently owned by institutional investors.

About Novanta

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.