Novanta (NASDAQ:NOVT – Get Rating) issued an update on its FY22 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.96 to $3.02 for the period, compared to the consensus estimate of $3.01. The company issued revenue guidance of $848 million to $852 million from approx $640 million, compared to the consensus revenue estimate of $845.16 million. Novanta also updated its FY 2022 guidance to $2.96-$3.02 EPS.
Novanta Trading Down 1.5 %
NOVT traded down $2.31 during trading on Thursday, reaching $149.22. 2,897 shares of the stock traded hands, compared to its average volume of 643,734. The company has a quick ratio of 1.29, a current ratio of 2.05 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $5.33 billion, a PE ratio of 85.13 and a beta of 1.16. The stock's 50-day moving average is $130.01 and its 200 day moving average is $131.87. Novanta has a 12 month low of $110.84 and a 12 month high of $184.44.
Get Novanta alerts:Novanta (NASDAQ:NOVT – Get Rating) last issued its quarterly earnings results on Tuesday, August 9th. The technology company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.06. The business had revenue of $215.36 million for the quarter, compared to analysts' expectations of $209.07 million. Novanta had a net margin of 7.99% and a return on equity of 20.27%. The business's quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts anticipate that Novanta will post 3 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of analysts have commented on NOVT shares. TheStreet raised shares of Novanta from a c+ rating to a b- rating in a research report on Friday, August 5th. William Blair raised shares of Novanta from a market perform rating to an outperform rating in a research report on Wednesday, May 11th.Hedge Funds Weigh In On Novanta
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC boosted its position in shares of Novanta by 23.1% during the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company's stock worth $138,000 after purchasing an additional 183 shares in the last quarter. Raymond James Trust N.A. boosted its position in shares of 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 in the last quarter. Baird Financial Group Inc. raised its holdings in shares of Novanta by 15.6% in the 1st quarter. Baird Financial Group Inc. now owns 3,090 shares of the technology company's stock worth $440,000 after acquiring an additional 418 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Novanta by 33.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,602 shares of the technology company's stock worth $512,000 after acquiring an additional 901 shares during the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of 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 acquiring an additional 1,073 shares during the last quarter. 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.
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