Novanta (NASDAQ:NOVT) Issues Earnings Results

Novanta (NASDAQ:NOVT) released its earnings results on Monday. The technology company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.08, FiscalAI reports. The business had revenue of $305.01 million during the quarter, compared to the consensus estimate of $301.02 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%.

Novanta Trading Up 8.0%

Shares of Novanta stock traded up $10.83 on Monday, reaching $145.98. 399,470 shares of the company’s stock were exchanged, compared to its average volume of 444,629. The company has a market capitalization of $5.52 billion, a P/E ratio of 93.58 and a beta of 1.71. Novanta has a 52 week low of $98.27 and a 52 week high of $176.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.79 and a current ratio of 4.57. The firm’s 50-day moving average is $142.18 and its two-hundred day moving average is $142.57.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOVT. Zacks Research cut shares of Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Robert W. Baird set a $194.00 price target on shares of Novanta in a research report on Friday, August 7th. Wall Street Zen upgraded Novanta from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Novanta in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $194.00.

About Novanta

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software.

The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.

Novanta was formerly known as GSI Group and adopted the Novanta name in 2016.