BidaskClub Downgrades Novanta (NOVT) to Buy

Novanta (NASDAQ:NOVT) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Shares of Novanta (NOVT) traded down $1.50 during trading on Friday, hitting $46.60. 444,832 shares of the company traded hands, compared to its average volume of 242,241. The company has a current ratio of 2.93, a quick ratio of 2.00 and a debt-to-equity ratio of 0.76. Novanta has a one year low of $19.85 and a one year high of $55.10. The company has a market capitalization of $1,663.88, a PE ratio of 31.65 and a beta of 1.27.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. Novanta had a net margin of 12.45% and a return on equity of 18.29%. The company had revenue of $146.30 million for the quarter, compared to analysts’ expectations of $132.10 million. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Novanta’s revenue for the quarter was up 49.5% on a year-over-year basis. equities research analysts anticipate that Novanta will post 1.56 EPS for the current year.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the sale, the director now owns 1,711,648 shares of the company’s stock, valued at $89,947,102.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 8.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its position in Novanta by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 24,766 shares of the technology company’s stock valued at $892,000 after acquiring an additional 128 shares during the last quarter. Legal & General Group Plc boosted its position in Novanta by 4.8% during the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock valued at $275,000 after acquiring an additional 353 shares during the last quarter. Alliancebernstein L.P. boosted its position in Novanta by 1.5% during the second quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock valued at $1,534,000 after acquiring an additional 610 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Novanta by 0.4% during the second quarter. TIAA CREF Investment Management LLC now owns 150,894 shares of the technology company’s stock valued at $5,432,000 after acquiring an additional 642 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Novanta by 19.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock valued at $210,000 after acquiring an additional 938 shares during the last quarter. 79.03% of the stock is currently owned by institutional investors and hedge funds.

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About Novanta

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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