Novanta Inc (NASDAQ:NOVT) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 603,700 shares, a decline of 7.0% from the July 31st total of 649,400 shares. Approximately 1.8% of the company’s shares are sold short. Based on an average trading volume of 161,800 shares, the days-to-cover ratio is currently 3.7 days.

In other Novanta news, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $93.21, for a total value of $2,805,621.00. Following the transaction, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $91.06, for a total value of $1,482,183.62. Following the completion of the transaction, the chief financial officer now directly 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 insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. River & Mercantile Asset Management LLP bought a new stake in shares of Novanta during the second quarter valued at approximately $6,656,000. BlackRock Inc. increased its holdings in shares of Novanta by 2.9% during the second quarter. BlackRock Inc. now owns 2,272,456 shares of the technology company’s stock valued at $214,293,000 after acquiring an additional 64,655 shares in the last quarter. Wolverine Trading LLC increased its holdings in shares of Novanta by 149.5% during the second quarter. Wolverine Trading LLC now owns 2,525 shares of the technology company’s stock valued at $238,000 after acquiring an additional 7,625 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Novanta by 14.3% during the second quarter. Royal Bank of Canada now owns 572,245 shares of the technology company’s stock valued at $53,962,000 after acquiring an additional 71,423 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Novanta by 6.2% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,290 shares of the technology company’s stock valued at $493,000 after acquiring an additional 309 shares in the last quarter. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have issued reports on NOVT. Zacks Investment Research lowered Novanta from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. BidaskClub lowered Novanta from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th.

NOVT traded up $0.19 during trading on Friday, hitting $82.42. The company’s stock had a trading volume of 128,300 shares, compared to its average volume of 153,049. Novanta has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a quick ratio of 1.74, a current ratio of 2.89 and a debt-to-equity ratio of 0.65. The stock’s fifty day moving average price is $77.15 and its 200-day moving average price is $83.25. The firm has a market capitalization of $2.76 billion, a P/E ratio of 38.16 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $154.47 million. During the same period in the previous year, the firm earned $0.51 earnings per share. The company’s revenue was up 3.1% compared to the same quarter last year. Equities research analysts expect that Novanta will post 2.22 EPS for the current fiscal year.

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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