Novanta (NASDAQ:NOVT) Sets New 12-Month Low – Here’s Why

Shares of Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low on Wednesday . The company traded as low as $143.00 and last traded at $143.82, with a volume of 7057 shares trading hands. The stock had previously closed at $146.53.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Novanta Stock Performance

The stock has a 50-day moving average price of $153.77 and a 200 day moving average price of $166.74. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 87.75 and a beta of 1.28.

Hedge Funds Weigh In On Novanta

A number of institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC purchased a new stake in Novanta during the 4th quarter worth about $26,000. GAMMA Investing LLC raised its position in shares of Novanta by 33.1% during the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after acquiring an additional 59 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in Novanta during the third quarter worth approximately $49,000. nVerses Capital LLC acquired a new position in Novanta in the third quarter valued at approximately $54,000. Finally, SBI Securities Co. Ltd. purchased a new position in Novanta in the fourth quarter valued at approximately $97,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.