BidaskClub lowered shares of Novanta (NASDAQ:NOVT) from a hold rating to a sell rating in a report published on Wednesday, BidAskClub reports.

Separately, Zacks Investment Research raised shares of Novanta from a sell rating to a hold rating in a research note on Wednesday, October 9th.

NOVT traded up $1.09 during trading on Wednesday, hitting $83.19. 84,000 shares of the company traded hands, compared to its average volume of 148,066. The stock’s fifty day moving average is $83.60 and its 200 day moving average is $82.98. The firm has a market cap of $2.88 billion, a P/E ratio of 38.51 and a beta of 1.48. The company has a quick ratio of 1.43, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. Novanta has a one year low of $57.07 and a one year high of $96.31.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, November 5th. The technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $154.10 million for the quarter, compared to the consensus estimate of $155.04 million. Novanta had a net margin of 6.94% and a return on equity of 20.01%. Novanta’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the firm posted $0.61 earnings per share. On average, equities research analysts forecast that Novanta will post 2.14 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Eqis Capital Management Inc. grew its position in Novanta by 18.1% during the third quarter. Eqis Capital Management Inc. now owns 3,877 shares of the technology company’s stock valued at $317,000 after acquiring an additional 594 shares during the last quarter. GW&K Investment Management LLC grew its position in Novanta by 29.5% during the third quarter. GW&K Investment Management LLC now owns 239,255 shares of the technology company’s stock valued at $19,552,000 after acquiring an additional 54,500 shares during the last quarter. Paradice Investment Management LLC grew its position in Novanta by 1.2% during the third quarter. Paradice Investment Management LLC now owns 709,703 shares of the technology company’s stock valued at $57,997,000 after acquiring an additional 8,586 shares during the last quarter. Yorktown Management & Research Co Inc grew its position in Novanta by 14.8% during the third quarter. Yorktown Management & Research Co Inc now owns 14,568 shares of the technology company’s stock valued at $1,190,000 after acquiring an additional 1,880 shares during the last quarter. Finally, Congress Asset Management Co. MA grew its position in Novanta by 37.8% during the third quarter. Congress Asset Management Co. MA now owns 62,676 shares of the technology company’s stock valued at $5,122,000 after acquiring an additional 17,195 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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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