Novanta (NASDAQ:NOVT) Hits New 52-Week Low – Should You Sell?

Shares of Novanta Inc. (NASDAQ:NOVT) reached a new 52-week low on Tuesday . The stock traded as low as $143.18 and last traded at $146.18, with a volume of 235853 shares traded. The stock had previously closed at $147.48.

Analyst Ratings Changes

Separately, Robert W. Baird decreased their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th.

Novanta Price Performance

The stock has a market capitalization of $5.36 billion, a price-to-earnings ratio of 89.31 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company has a fifty day simple moving average of $161.94 and a two-hundred day simple moving average of $169.76.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.85 earnings per share. As a group, equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Matthijs Glastra sold 7,500 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Novanta

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Clearline Capital LP boosted its position in Novanta by 71.1% in the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after buying an additional 4,778 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Novanta by 33.1% in the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after acquiring an additional 59 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Novanta during the 3rd quarter valued at $232,000. Blair William & Co. IL grew its position in Novanta by 10.1% during the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock worth $73,172,000 after acquiring an additional 41,296 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Novanta by 110.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock worth $17,938,000 after purchasing an additional 52,573 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.