Novanta (NASDAQ:NOVT) Cut to Hold at Zacks Research

Zacks Research lowered shares of Novanta (NASDAQ:NOVT) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks reports.

A number of other research analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Novanta from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. Robert W. Baird set a $194.00 price target on Novanta in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a report on Wednesday, July 15th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $194.00.

Novanta Trading Down 5.1%

Shares of NASDAQ:NOVT opened at $136.33 on Tuesday. The stock has a 50 day moving average of $147.72 and a 200 day moving average of $145.25. The company has a market cap of $5.16 billion, a PE ratio of 87.39 and a beta of 1.72. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. Novanta has a 12-month low of $98.27 and a 12-month high of $176.38.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.06. The business had revenue of $265.81 million for the quarter, compared to the consensus estimate of $262.30 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.76 earnings per share. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. As a group, equities research analysts expect that Novanta will post 3.7 EPS for the current year.

Hedge Funds Weigh In On Novanta

Hedge funds have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. lifted its position in Novanta by 3.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 1,914 shares of the technology company’s stock valued at $311,000 after purchasing an additional 70 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Novanta by 12.8% in the 1st quarter. Fifth Third Bancorp now owns 778 shares of the technology company’s stock worth $92,000 after buying an additional 88 shares during the last quarter. State of Michigan Retirement System increased its holdings in shares of Novanta by 1.2% in the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock worth $1,016,000 after buying an additional 100 shares during the last quarter. Corient Private Wealth LP increased its holdings in shares of Novanta by 4.6% in the 2nd quarter. Corient Private Wealth LP now owns 2,499 shares of the technology company’s stock worth $405,000 after buying an additional 110 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Novanta by 14.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,016 shares of the technology company’s stock valued at $144,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

About Novanta

Novanta Inc (NASDAQ:NOVT) is a medical technology and advanced equipment company that develops components and subsystems used by original equipment manufacturers. Its technologies are designed for applications requiring precision motion, photonics, imaging, and other specialized capabilities, with a primary focus on healthcare and medical device markets.

The company’s offerings include precision motion control systems, motors, pumps, encoders, laser sources, optical components, and beam-delivery systems.