Novanta (NASDAQ:NOVT) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.

Other equities analysts have also issued research reports about the company. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a research note on Saturday, August 11th. Robert W. Baird lowered Novanta from an “outperform” rating to a “neutral” rating and set a $54.00 price objective on the stock. in a research note on Wednesday, May 9th.

Shares of NASDAQ NOVT opened at $70.35 on Wednesday. The company has a market cap of $2.35 billion, a PE ratio of 43.97 and a beta of 1.50. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18. Novanta has a 1-year low of $36.90 and a 1-year high of $70.50.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $147.26 million. During the same quarter last year, the company earned $0.41 EPS. The company’s revenue was up 26.3% on a year-over-year basis. equities research analysts predict that Novanta will post 2 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co. NY increased its stake in Novanta by 9.8% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 10,527 shares of the technology company’s stock worth $656,000 after acquiring an additional 943 shares during the period. Yorktown Management & Research Co Inc increased its stake in Novanta by 12.0% during the 2nd quarter. Yorktown Management & Research Co Inc now owns 8,851 shares of the technology company’s stock worth $551,000 after acquiring an additional 951 shares during the period. Envestnet Asset Management Inc. increased its stake in Novanta by 58.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock worth $160,000 after acquiring an additional 951 shares during the period. Sapphire Star Partners LP increased its stake in Novanta by 7.9% during the 2nd quarter. Sapphire Star Partners LP now owns 15,682 shares of the technology company’s stock worth $976,000 after acquiring an additional 1,143 shares during the period. Finally, Westwood Holdings Group Inc. increased its stake in Novanta by 0.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 553,591 shares of the technology company’s stock worth $28,870,000 after acquiring an additional 1,470 shares during the period. Hedge funds and other institutional investors own 84.54% of the company’s stock.

Novanta Company Profile

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 laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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