Novanta (NASDAQ:NOVT) Reaches New 1-Year Low – Here’s Why

Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low on Tuesday . The company traded as low as $140.53 and last traded at $143.43, with a volume of 12456 shares changing hands. The stock had previously closed at $143.17.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their price target on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Novanta Stock Up 0.6 %

The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $152.01 and a 200-day simple moving average of $165.82. The company has a market cap of $5.17 billion, a price-to-earnings ratio of 86.22 and a beta of 1.28.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Novanta in the fourth quarter valued at $48,442,000. T. Rowe Price Investment Management Inc. lifted its stake in Novanta by 69.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company’s stock worth $103,910,000 after acquiring an additional 279,793 shares in the last quarter. WCM Investment Management LLC purchased a new stake in Novanta in the 4th quarter worth about $15,104,000. Schroder Investment Management Group lifted its stake in Novanta by 52.5% in the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company’s stock worth $41,359,000 after acquiring an additional 93,511 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Novanta by 2,714.7% during the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company’s stock worth $13,489,000 after purchasing an additional 85,160 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

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.