Novanta (NASDAQ:NOVT) Stock Price Down 6.1% - Should You Sell?
Novanta Inc.'s stock price fell 6.1% during mid-day trading, with analysts adjusting price targets and ratings. The stock's consensus rating is "Reduce," with a target price of $133.00. Novanta reported better-than-expected quarterly earnings and announced a $200 million share buyback plan. Institutional investors hold 98.35% of the stock. The company operates in healthcare and advanced industrial sectors through its Photonics, Vision, and Precision Motion segments.
Novanta Inc. (NASDAQ:NOVT - Get Free Report)'s stock price was down 6.1% during mid-day trading on Friday . The company traded as low as $103.25 and last traded at $102.1210. Approximately 411,764 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 366,971 shares. The stock had previously closed at $108.76.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on NOVT shares. Robert W. Baird dropped their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research note on Monday, August 11th. Zacks Research raised shares of Novanta from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Wall Street Zen cut shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Finally, Weiss Ratings downgraded shares of Novanta from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Saturday, October 25th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $133.00.
View Our Latest Stock Analysis on NOVT
Novanta Price Performance
The stock's 50-day moving average price is $112.28 and its 200 day moving average price is $119.51. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 61.05 and a beta of 1.54. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.
Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.06. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $247.84 million during the quarter, compared to analysts' expectations of $245.95 million. During the same quarter in the prior year, the company earned $0.85 EPS. Novanta's revenue was up 1.4% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. Equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.
Novanta announced that its board has approved a share buyback plan on Thursday, September 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.
Institutional Trading of Novanta
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Novanta during the third quarter valued at about $36,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Novanta in the 3rd quarter valued at about $40,000. SVB Wealth LLC acquired a new position in Novanta during the 1st quarter worth approximately $48,000. CWM LLC increased its holdings in Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after buying an additional 310 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Novanta during the 2nd quarter worth about $52,000. 98.35% of the stock is owned by institutional investors and hedge funds.
Novanta Company Profile
(Get Free Report)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.
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