Novanta (NASDAQ:NOVT) Announces Quarterly Earnings Results

Novanta (NASDAQ:NOVT – Get Rating) posted its quarterly earnings results on Tuesday. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10, MarketWatch Earnings reports. The business had revenue of $204.20 million during the quarter, compared to analyst estimates of $195.96 million. Novanta had a return on equity of 18.86% and a net margin of 7.12%. The business’s revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 earnings per share. Novanta updated its Q2 guidance to $0.69 to $0.73 EPS and its Q2 2022 guidance to $0.69-$0.73 EPS.

Shares of NASDAQ NOVT traded down $1.72 during mid-day trading on Tuesday, hitting $115.27. The company had a trading volume of 786 shares, compared to its average volume of 126,561. The stock has a market cap of $4.11 billion, a P/E ratio of 84.48 and a beta of 1.11. The company has a quick ratio of 1.35, a current ratio of 2.03 and a debt-to-equity ratio of 0.82. Novanta has a 1-year low of $116.29 and a 1-year high of $184.44. The business’s 50-day moving average price is $134.09.

A number of research analysts have commented on NOVT shares. Zacks Investment Research cut Novanta from a “hold” rating to a “sell” rating in a research note on Tuesday, March 8th. StockNews.com began coverage on Novanta in a research note on Thursday, March 31st. They issued a “hold” rating on the stock.

Large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Novanta by 2.6% in the fourth quarter. BlackRock Inc. now owns 2,454,907 shares of the technology company’s stock valued at $432,876,000 after buying an additional 61,548 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Novanta by 3.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 482,868 shares of the technology company’s stock valued at $85,144,000 after buying an additional 16,653 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in Novanta by 9.9% in the fourth quarter. Parametric Portfolio Associates LLC now owns 67,445 shares of the technology company’s stock valued at $11,893,000 after buying an additional 6,061 shares during the last quarter. California State Teachers Retirement System increased its holdings in Novanta by 2.5% in the fourth quarter. California State Teachers Retirement System now owns 49,196 shares of the technology company’s stock valued at $8,675,000 after buying an additional 1,213 shares during the last quarter. Finally, Barclays PLC increased its holdings in Novanta by 119.4% in the fourth quarter. Barclays PLC now owns 42,832 shares of the technology company’s stock valued at $7,553,000 after buying an additional 23,312 shares during the last quarter. 94.10% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Company Profile (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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