Novanta Inc (NASDAQ:NOVT) Sees Significant Decrease in Short Interest

Novanta Inc (NASDAQ:NOVT) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 603,700 shares, a drop of 7.0% from the July 31st total of 649,400 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average trading volume of 161,800 shares, the short-interest ratio is currently 3.7 days.

NOVT has been the subject of several research analyst reports. BidaskClub raised shares of Novanta from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research cut shares of Novanta from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th.

In related news, CEO Matthijs Glastra sold 30,100 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the completion of the transaction, the chief executive officer now directly owns 123,448 shares of the company’s stock, valued at $11,506,588.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert Buckley sold 16,277 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the transaction, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at $14,460,601.18. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.



Large investors have recently modified their holdings of the business. Invesco Ltd. lifted its holdings in shares of Novanta by 2,775.1% in the 2nd quarter. Invesco Ltd. now owns 708,599 shares of the technology company’s stock worth $66,821,000 after acquiring an additional 683,953 shares during the last quarter. Wasatch Advisors Inc. bought a new stake in Novanta during the 2nd quarter valued at about $33,591,000. Redwood Investments LLC bought a new stake in Novanta during the 1st quarter valued at about $20,530,000. Nuveen Asset Management LLC bought a new stake in Novanta during the 2nd quarter valued at about $22,352,000. Finally, GW&K Investment Management LLC bought a new stake in Novanta during the 2nd quarter valued at about $17,422,000. 89.23% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:NOVT traded up $0.19 on Friday, reaching $82.42. The company’s stock had a trading volume of 116,563 shares, compared to its average volume of 145,653. Novanta has a 52-week low of $55.68 and a 52-week high of $96.31. The company has a market cap of $2.89 billion, a P/E ratio of 38.16 and a beta of 1.51. The company has a 50-day simple moving average of $77.15 and a 200 day simple moving average of $83.25. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.89.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.54 EPS for the quarter, hitting analysts’ consensus estimates of $0.54. Novanta had a net margin of 7.76% and a return on equity of 19.49%. The business had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $154.47 million. During the same period last year, the company posted $0.51 EPS. The business’s revenue was up 3.1% on a year-over-year basis. On average, equities research analysts forecast that Novanta will post 2.22 EPS for the current fiscal year.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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