Novanta (NASDAQ:NOVT – Get Rating) released its earnings results on Tuesday. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.06, Briefing.com reports. Novanta had a net margin of 7.73% and a return on equity of 19.41%. The business had revenue of $215.36 million during the quarter, compared to analyst estimates of $209.07 million. During the same quarter in the prior year, the firm earned $0.62 earnings per share. The company's revenue for the quarter was up 28.6% compared to the same quarter last year.
Novanta Price Performance
Novanta stock traded up $3.83 during midday trading on Wednesday, reaching $151.34. The company's stock had a trading volume of 4,242 shares, compared to its average volume of 200,519. Novanta has a fifty-two week low of $110.84 and a fifty-two week high of $184.44. The firm has a market capitalization of $5.40 billion, a PE ratio of 93.81 and a beta of 1.16. The stock's 50 day simple moving average is $129.41 and its 200 day simple moving average is $131.73. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.29 and a current ratio of 2.05.
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Wall Street Analyst Weigh In
A number of research analysts have commented on NOVT shares. William Blair raised shares of Novanta from a "market perform" rating to an "outperform" rating in a research report on Wednesday, May 11th. TheStreet upgraded shares of Novanta from a "c+" rating to a "b-" rating in a research note on Friday, August 5th.
Institutional Trading of Novanta
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its stake in shares of Novanta by 23.1% in the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company's stock valued at $138,000 after purchasing an additional 183 shares in the last quarter. Captrust Financial Advisors lifted its position in Novanta by 227.3% during the 1st quarter. Captrust Financial Advisors now owns 1,545 shares of the technology company's stock worth $220,000 after acquiring an additional 1,073 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Novanta by 26.5% during the 1st quarter. Raymond James Trust N.A. now owns 1,904 shares of the technology company's stock worth $271,000 after purchasing an additional 399 shares during the last quarter. Ensign Peak Advisors Inc purchased a new stake in Novanta during the 1st quarter worth approximately $280,000. Finally, Jane Street Group LLC purchased a new stake in Novanta during the 1st quarter worth approximately $395,000. Hedge funds and other institutional investors own 94.10% of the company's stock.
About Novanta
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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
Further Reading
- Get a free copy of the StockNews.com research report on Novanta (NOVT)
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