Caxton Associates LLP Buys Shares of 7,948 Novanta Inc. $NOVT

Caxton Associates LLP purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,948 shares of the technology company’s stock, valued at approximately $1,025,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in Novanta by 321.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,049 shares of the technology company’s stock worth $651,000 after buying an additional 3,852 shares during the period. Captrust Financial Advisors increased its position in shares of Novanta by 30.7% during the second quarter. Captrust Financial Advisors now owns 3,191 shares of the technology company’s stock worth $411,000 after acquiring an additional 750 shares in the last quarter. Wasatch Advisors LP increased its position in shares of Novanta by 10.6% during the second quarter. Wasatch Advisors LP now owns 1,100,029 shares of the technology company’s stock worth $141,827,000 after acquiring an additional 104,985 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Novanta by 15.5% during the second quarter. Tidal Investments LLC now owns 4,779 shares of the technology company’s stock worth $616,000 after acquiring an additional 640 shares during the period. Finally, Man Group plc bought a new stake in Novanta in the 2nd quarter valued at $844,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NOVT opened at $119.41 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51. The business’s 50-day simple moving average is $113.12 and its 200 day simple moving average is $117.58. The firm has a market capitalization of $4.27 billion, a PE ratio of 81.23 and a beta of 1.59. Novanta Inc. has a 52-week low of $98.27 and a 52-week high of $173.16.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Novanta had a return on equity of 14.53% and a net margin of 5.50%.The company had revenue of $247.84 million for the quarter, compared to analysts’ expectations of $245.95 million. During the same quarter in the prior year, the business posted $0.85 EPS. The business’s revenue was up 1.4% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS and its Q4 2025 guidance at 0.870-0.930 EPS. As a group, sell-side analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its board has authorized a stock repurchase program on Thursday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings downgraded Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Novanta has an average rating of “Reduce” and an average price target of $133.00.

About Novanta

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.