Novanta (NASDAQ:NOVT – Get Rating) updated its FY 2022 earnings guidance on Tuesday. 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.
Analyst Ratings Changes
A number of brokerages recently weighed in on NOVT. William Blair raised shares of Novanta from a market perform rating to an outperform rating in a research note on Wednesday, May 11th. TheStreet raised shares of Novanta from a c+ rating to a b- rating in a research note on Friday, August 5th.
Get Novanta alerts:Novanta Price Performance
NOVT traded down $2.16 during trading on Wednesday, reaching $133.19. The company's stock had a trading volume of 5,293 shares, compared to its average volume of 178,126. The company has a quick ratio of 1.24, a current ratio of 2.01 and a debt-to-equity ratio of 0.76. The firm has a fifty day simple moving average of $138.42 and a two-hundred day simple moving average of $132.85. Novanta has a 1 year low of $110.84 and a 1 year high of $184.44. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 75.65 and a beta of 1.16.
Novanta (NASDAQ:NOVT – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.72 by $0.06. The firm had revenue of $215.36 million for the quarter, compared to analyst estimates of $209.07 million. Novanta had a net margin of 7.99% and a return on equity of 20.14%. The business's revenue for the quarter was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.62 EPS. As a group, analysts anticipate that Novanta will post 2.99 EPS for the current year.Institutional Trading of Novanta
Institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC lifted 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 during the last quarter. Captrust Financial Advisors lifted its position in Novanta by 18.3% in the second quarter. Captrust Financial Advisors now owns 1,827 shares of the technology company's stock valued at $222,000 after acquiring an additional 282 shares during the last quarter. Raymond James Trust N.A. lifted its position in Novanta by 26.5% in the first quarter. Raymond James Trust N.A. now owns 1,904 shares of the technology company's stock valued at $271,000 after acquiring an additional 399 shares during the last quarter. Baird Financial Group Inc. lifted its position in Novanta by 15.6% in the first quarter. Baird Financial Group Inc. now owns 3,090 shares of the technology company's stock valued at $440,000 after acquiring an additional 418 shares during the last quarter. Finally, LPL Financial LLC lifted its position in Novanta by 3.6% in the second quarter. LPL Financial LLC now owns 16,254 shares of the technology company's stock valued at $1,977,000 after acquiring an additional 558 shares during the last quarter. Institutional investors and hedge funds own 99.96% of the company's stock.
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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