Novanta (NASDAQ:NOVT – Get Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.96-$3.02 for the period, compared to the consensus estimate of $3.00. The company issued revenue guidance of $848.00 million-$852.00 million, compared to the consensus revenue estimate of $845.15 million. Novanta also updated its Q3 2022 guidance to $0.71-$0.76 EPS.
Novanta Price Performance
Shares of NASDAQ:NOVT traded down $2.93 during trading on Friday, reaching $123.66. The company had a trading volume of 4,685 shares, compared to its average volume of 149,140. Novanta has a twelve month low of $110.84 and a twelve month high of $184.44. The firm has a market capitalization of $4.41 billion, a PE ratio of 69.28 and a beta of 1.19. The firm's fifty day moving average is $140.38 and its 200 day moving average is $132.57. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 2.01.
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Novanta (NASDAQ:NOVT – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The technology company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.06. Novanta had a net margin of 7.99% and a return on equity of 20.14%. The firm had revenue of $215.36 million for the quarter, compared to analyst estimates of $209.07 million. During the same quarter in the prior year, the business earned $0.62 EPS. The company's revenue for the quarter was up 28.6% compared to the same quarter last year. On average, equities analysts forecast that Novanta will post 2.99 EPS for the current year.
Analyst Upgrades and Downgrades
Separately, TheStreet raised shares of Novanta from a c+ rating to a b- rating in a research note on Friday, August 5th.
Hedge Funds Weigh In On Novanta
Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC increased its holdings in Novanta by 23.1% in the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company's stock worth $138,000 after acquiring an additional 183 shares during the last quarter. Quantbot Technologies LP bought a new stake in Novanta in the 2nd quarter worth approximately $192,000. Captrust Financial Advisors increased its stake in Novanta by 227.3% in the 1st quarter. Captrust Financial Advisors now owns 1,545 shares of the technology company's stock worth $220,000 after purchasing an additional 1,073 shares during the period. Raymond James Trust N.A. increased its stake in Novanta by 26.5% in 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 period. Finally, Ensign Peak Advisors Inc purchased a new position in Novanta in the 1st quarter worth approximately $280,000. 99.96% of the stock is currently owned by institutional investors.
Novanta Company Profile
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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.
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