Novanta (NASDAQ:NOVT) Stock Rating Lowered by TheStreet

Novanta (NASDAQ:NOVTGet Rating) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c+” rating in a report released on Wednesday, TheStreetRatingsTable reports.

A number of other research firms have also recently weighed in on NOVT. StockNews.com assumed coverage on Novanta in a report on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $135.00 price target for the company in a report on Friday, May 13th. Finally, William Blair upgraded Novanta from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 11th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $135.00.

NOVT opened at $126.52 on Wednesday. The business’s fifty day moving average is $129.60 and its two-hundred day moving average is $143.97. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.29 and a current ratio of 2.05. The company has a market cap of $4.52 billion, a price-to-earnings ratio of 78.10 and a beta of 1.11. Novanta has a one year low of $114.31 and a one year high of $184.44.

Novanta (NASDAQ:NOVTGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The technology company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. Novanta had a return on equity of 19.41% and a net margin of 7.73%. The company had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $195.96 million. During the same period in the previous year, the firm posted $0.58 earnings per share. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. On average, analysts predict that Novanta will post 3 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in Novanta during the fourth quarter worth about $161,145,000. Ardevora Asset Management LLP acquired a new stake in Novanta during the fourth quarter worth about $62,587,000. Champlain Investment Partners LLC acquired a new stake in Novanta during the first quarter worth about $46,994,000. Norges Bank acquired a new stake in Novanta during the fourth quarter worth about $54,935,000. Finally, Capital International Investors increased its stake in Novanta by 42.4% during the fourth quarter. Capital International Investors now owns 1,011,187 shares of the technology company’s stock worth $178,303,000 after acquiring an additional 301,204 shares during the last quarter. Hedge funds and other institutional investors own 94.10% of the company’s stock.

About Novanta (Get Rating)

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 beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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