BidaskClub upgraded shares of Novanta (NASDAQ:NOVT) from a hold rating to a buy rating in a research report released on Tuesday morning.
Separately, Robert W. Baird started coverage on Novanta in a report on Thursday, December 7th. They set an outperform rating and a $54.00 price objective on the stock.
Novanta (NASDAQ NOVT) traded up $0.35 during mid-day trading on Tuesday, hitting $49.65. The stock had a trading volume of 535,100 shares, compared to its average volume of 187,724. Novanta has a 1-year low of $20.13 and a 1-year high of $55.10. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1,705.39, a PE ratio of 32.43 and a beta of 1.27.
In related news, Director Stephen W. Bershad sold 500,000 shares of Novanta stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total value of $26,275,000.00. Following the transaction, the director now owns 1,711,648 shares in the company, valued at $89,947,102.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of NOVT. Royal Bank of Canada boosted its holdings in Novanta by 111.7% in the second quarter. Royal Bank of Canada now owns 1,123,130 shares of the technology company’s stock valued at $40,432,000 after acquiring an additional 592,541 shares during the last quarter. Eagle Boston Investment Management Inc. acquired a new position in Novanta in the second quarter valued at $14,740,000. Artisan Partners Limited Partnership boosted its holdings in Novanta by 269.5% in the third quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock valued at $19,913,000 after acquiring an additional 333,128 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in Novanta in the third quarter valued at $13,819,000. Finally, Kennedy Capital Management Inc. acquired a new position in Novanta in the second quarter valued at $9,949,000. Hedge funds and other institutional investors own 79.01% of the company’s stock.
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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