Zacks Investment Research Lowers Novanta (NASDAQ:NOVT) to Sell

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Zacks Investment Research lowered shares of Novanta (NASDAQ:NOVT) from a hold rating to a sell rating in a research note issued to investors 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 lowered Novanta from a hold rating to a sell rating in a research report on Wednesday, August 7th.

NASDAQ NOVT opened at $72.08 on Friday. The company has a fifty day moving average price of $85.52. The firm has a market cap of $2.48 billion, a PE ratio of 33.37 and a beta of 1.49. Novanta has a 52 week low of $55.68 and a 52 week high of $96.31. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.89 and a quick ratio of 1.74.

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

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

A number of hedge funds have recently bought and sold shares of NOVT. Tower Research Capital LLC TRC bought a new position in Novanta during the second quarter worth about $73,000. Bessemer Group Inc. bought a new position in Novanta during the second quarter worth about $151,000. Strs Ohio lifted its holdings in 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 in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in 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 in the last quarter. Finally, Institute for Wealth Management LLC. bought a new position in Novanta during the second quarter worth about $211,000. Hedge funds and other institutional investors own 87.16% 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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