Novanta (NASDAQ:NOVT) Share Price Crosses Below Two Hundred Day Moving Average – What’s Next?

Novanta Inc. (NASDAQ:NOVT)’s stock price crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $142.55 and traded as low as $130.29. Novanta shares last traded at $131.82, with a volume of 473,366 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NOVT shares. Robert W. Baird set a $194.00 target price on shares of Novanta in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Novanta in a research report on Tuesday, October 13th. Zacks Research cut Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $194.00.

Novanta Trading Up 2.5%

The business’s 50-day moving average is $142.18 and its two-hundred day moving average is $142.57. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The stock has a market capitalization of $5.11 billion, a PE ratio of 86.64 and a beta of 1.71.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.06. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company had revenue of $265.81 million for the quarter, compared to analysts’ expectations of $262.30 million. During the same period in the previous year, the company posted $0.76 EPS. Novanta’s revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Novanta Inc. will post 3.70 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOVT. Aberdeen Group plc acquired a new position in Novanta during the 3rd quarter worth approximately $552,152,000. Allworth Financial LP raised its stake in shares of Novanta by 77.1% during the 3rd quarter. Allworth Financial LP now owns 641 shares of the technology company’s stock worth $91,000 after buying an additional 279 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Novanta by 20.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 33,437 shares of the technology company’s stock worth $4,755,000 after buying an additional 5,702 shares in the last quarter. Eurizon Capital SGR S.p.A. raised its stake in shares of Novanta by 28.2% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 819 shares of the technology company’s stock worth $116,000 after buying an additional 180 shares in the last quarter. Finally, Gables Capital Management Inc. purchased a new position in shares of Novanta during the 3rd quarter worth approximately $39,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Company Profile

Novanta Inc is a technology company that develops and manufactures precision equipment and components used primarily in medical and advanced industrial applications. Its solutions are designed to support the movement, imaging, measurement and processing functions of complex equipment.

The company’s products include photonics and laser components, precision motion-control systems, medical imaging and visualization technologies, and equipment used in minimally invasive and robotic surgery.