Novanta (NASDAQ:NOVT) Releases Q4 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.70-0.74 for the period, compared to the consensus estimate of $0.97. The company issued revenue guidance of $237-242 million, compared to the consensus revenue estimate of $263.99 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Novanta Stock Performance

NOVT traded down $0.42 during trading on Thursday, hitting $181.52. The stock had a trading volume of 169,551 shares, compared to its average volume of 140,863. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of 104.92 and a beta of 1.29. The company has a 50 day moving average price of $174.22 and a 200-day moving average price of $169.85. Novanta has a one year low of $119.64 and a one year high of $187.12.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter in the previous year, the business posted $0.85 earnings per share. Novanta’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts predict that Novanta will post 3.3 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday.

Insider Transactions at Novanta

In related news, CFO Robert Buckley sold 3,660 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $20,954,110.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 9,150 shares of company stock valued at $1,608,936. Corporate insiders own 1.20% of the company’s stock.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.