Novanta (NASDAQ:NOVT) CEO Sells $42,035.22 in Stock

Novanta Inc. (NASDAQ:NOVT) CEO Matthijs Glastra sold 323 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $130.14, for a total transaction of $42,035.22. Following the transaction, the chief executive officer owned 85,044 shares in the company, valued at approximately $11,067,626.16. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Novanta Stock Down 1.5%

NASDAQ:NOVT traded down $1.98 on Monday, hitting $128.96. The stock had a trading volume of 845,158 shares, compared to its average volume of 612,765. Novanta Inc. has a 1 year low of $98.27 and a 1 year high of $154.16. The firm’s fifty day simple moving average is $116.01 and its two-hundred day simple moving average is $117.11. 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 stock has a market cap of $4.61 billion, a P/E ratio of 87.73 and a beta of 1.60.

Novanta (NASDAQ:NOVT) last released its earnings results on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.06. The company had revenue of $247.84 million during the quarter, compared to analyst estimates of $245.95 million. Novanta had a return on equity of 14.53% and a net margin of 5.50%.Novanta’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 earnings per share. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS and its Q4 2025 guidance at 0.870-0.930 EPS. Analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

NOVT has been the subject of several research reports. Zacks Research lowered shares of Novanta from a “hold” rating to a “strong sell” rating in a research report on Thursday, December 18th. Weiss Ratings cut shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Sell” and a consensus price target of $133.00.

Institutional Investors Weigh In On Novanta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pilgrim Partners Asia Pte Ltd bought a new position in Novanta during the third quarter worth about $36,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Novanta in the 3rd quarter worth approximately $40,000. Danske Bank A S bought a new position in Novanta in the 3rd quarter worth approximately $40,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Novanta during the 2nd quarter valued at $52,000. Finally, Huntington National Bank raised its holdings in Novanta by 65.7% during the 2nd quarter. Huntington National Bank now owns 492 shares of the technology company’s stock valued at $63,000 after acquiring an additional 195 shares during the period. 98.35% of the stock is currently owned by institutional investors.

About Novanta

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.