Novanta Inc. (NASDAQ:NOVT) Short Interest Update

Novanta Inc. (NASDAQ:NOVT) was the target of a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 3,567,207 shares, an increase of 21.5% from the January 15th total of 2,936,775 shares. Approximately 10.1% of the shares of the company are short sold. Based on an average daily volume of 454,386 shares, the short-interest ratio is currently 7.9 days. Based on an average daily volume of 454,386 shares, the short-interest ratio is currently 7.9 days. Approximately 10.1% of the shares of the company are short sold.

Insider Buying and Selling at Novanta

In other Novanta news, CFO Robert Buckley sold 1,423 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $140.14, for a total transaction of $199,419.22. Following the completion of the transaction, the chief financial officer owned 91,034 shares in the company, valued at $12,757,504.76. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total value of $1,087,800.00. Following the completion of the transaction, the chief executive officer directly owned 57,367 shares of the company’s stock, valued at approximately $8,320,509.68. The trade was a 11.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 22,923 shares of company stock valued at $3,182,264. 1.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Novanta

Several large investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV bought a new stake in shares of Novanta during the 4th quarter valued at $314,000. Empowered Funds LLC increased its holdings in Novanta by 16.7% in the fourth quarter. Empowered Funds LLC now owns 7,888 shares of the technology company’s stock valued at $939,000 after purchasing an additional 1,128 shares during the last quarter. Voloridge Investment Management LLC lifted its stake in Novanta by 12.2% in the fourth quarter. Voloridge Investment Management LLC now owns 242,481 shares of the technology company’s stock valued at $28,853,000 after buying an additional 26,450 shares during the period. Wellington Management Group LLP boosted its holdings in Novanta by 247.2% during the fourth quarter. Wellington Management Group LLP now owns 357,946 shares of the technology company’s stock worth $42,592,000 after buying an additional 254,860 shares during the last quarter. Finally, Toronto Dominion Bank boosted its holdings in Novanta by 32.7% during the fourth quarter. Toronto Dominion Bank now owns 3,382 shares of the technology company’s stock worth $402,000 after buying an additional 834 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOVT. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a research report on Friday, January 16th. Weiss Ratings upgraded shares of Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $133.00.

Novanta Stock Up 0.2%

Shares of NOVT opened at $145.63 on Thursday. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 99.07 and a beta of 1.62. Novanta has a 52 week low of $98.27 and a 52 week high of $153.20. 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 fifty day moving average price is $130.66 and its two-hundred day moving average price is $119.28.

Novanta Company Profile

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.