Novanta Inc (NASDAQ:NOVT) Short Interest Update
Novanta Inc (NASDAQ:NOVT) was the target of a large increase in short interest in June. As of June 30th, there was short interest totalling 572,900 shares, an increase of 28.9% from the May 30th total of 444,400 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 145,800 shares, the short-interest ratio is currently 3.9 days.
In other news, CFO Robert Buckley sold 16,277 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the transaction, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at approximately $14,460,601.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthijs Glastra sold 30,100 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of the transaction, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
Large investors have recently made changes to their positions in the business. Zions Bancorporation N.A. boosted its position in shares of Novanta by 6.0% during the 2nd quarter. Zions Bancorporation N.A. now owns 3,646 shares of the technology company’s stock worth $344,000 after acquiring an additional 206 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Novanta by 0.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 73,373 shares of the technology company’s stock worth $4,623,000 after buying an additional 269 shares in the last quarter. Meritage Portfolio Management raised its stake in shares of Novanta by 0.3% during the 1st quarter. Meritage Portfolio Management now owns 91,553 shares of the technology company’s stock worth $7,757,000 after buying an additional 319 shares in the last quarter. Moody Aldrich Partners LLC raised its stake in shares of Novanta by 1.8% during the 1st quarter. Moody Aldrich Partners LLC now owns 25,082 shares of the technology company’s stock worth $2,125,000 after buying an additional 443 shares in the last quarter. Finally, Anderson Hoagland & Co. raised its stake in shares of Novanta by 2.7% during the 1st quarter. Anderson Hoagland & Co. now owns 23,647 shares of the technology company’s stock worth $1,933,000 after buying an additional 617 shares in the last quarter. Hedge funds and other institutional investors own 87.13% of the company’s stock.
NASDAQ:NOVT traded up $0.56 during trading hours on Friday, reaching $87.68. 277,500 shares of the company traded hands, compared to its average volume of 150,414. The firm’s 50-day simple moving average is $86.90. The stock has a market capitalization of $3.17 billion, a PE ratio of 40.59 and a beta of 1.53. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.78 and a current ratio of 2.83. Novanta has a 1-year low of $55.68 and a 1-year high of $96.31.
Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $155.85 million. Novanta had a return on equity of 19.26% and a net margin of 7.92%. Novanta’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. As a group, sell-side analysts predict that Novanta will post 2.41 EPS for the current year.
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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