Novanta (NASDAQ:NOVT) Issues FY24 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.02-3.06 for the period, compared to the consensus EPS estimate of $3.29. The company issued revenue guidance of ~$948-953 million, compared to the consensus revenue estimate of $973.07 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Novanta Stock Down 5.4 %

NASDAQ:NOVT traded down $9.46 during midday trading on Tuesday, reaching $164.71. The company had a trading volume of 250,862 shares, compared to its average volume of 139,033. Novanta has a 12-month low of $111.20 and a 12-month high of $187.12. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 94.92 and a beta of 1.29. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. The stock’s fifty day simple moving average is $174.56 and its 200-day simple moving average is $169.58.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The company had revenue of $235.86 million during the quarter, compared to the consensus estimate of $233.63 million. During the same period in the previous year, the business earned $0.80 EPS. Novanta’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, sell-side analysts anticipate that Novanta will post 3.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lifted their target price on Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th.

Insider Buying and Selling at Novanta

In related news, CFO Robert Buckley sold 1,111 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 9,150 shares of company stock worth $1,608,936. 1.20% of the stock is owned by company insiders.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.