Zacks Investment Research downgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a sell rating in a research note released on Saturday morning, Zacks.com reports.

According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “

Separately, BidaskClub downgraded Novanta from a hold rating to a sell rating in a research report on Wednesday, August 7th.

Shares of NASDAQ NOVT opened at $72.08 on Friday. The stock’s 50 day simple moving average is $85.52. The firm has a market capitalization of $2.48 billion, a P/E ratio of 33.37 and a beta of 1.49. The company has a current ratio of 2.89, a quick ratio of 1.74 and a debt-to-equity ratio of 0.65. Novanta has a twelve month low of $55.68 and a twelve month high of $96.31.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $154.47 million. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The business’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.51 earnings per share. Equities analysts forecast that Novanta will post 2.22 EPS for the current fiscal year.

In other news, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the sale, the chief financial officer now owns 158,803 shares in the company, valued at $14,460,601.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $93.21, for a total value of $2,805,621.00. Following the sale, the chief executive officer now owns 123,448 shares of the company’s stock, valued at approximately $11,506,588.08. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.

Large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new stake in shares of Novanta during the second quarter worth approximately $73,000. Bessemer Group Inc. bought a new stake in shares of Novanta during the second quarter worth approximately $151,000. Strs Ohio boosted its holdings in shares of Novanta by 340.0% during the first quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock worth $186,000 after acquiring an additional 1,700 shares during the period. Institute for Wealth Management LLC. bought a new stake in shares of Novanta during the second quarter worth approximately $211,000. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of Novanta by 98.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 2,379 shares of the technology company’s stock worth $202,000 after acquiring an additional 1,183 shares during the period. Institutional investors own 87.16% of the company’s stock.

About Novanta

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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