Novanta Inc (NASDAQ:NOVT) Short Interest Update

Novanta Inc (NASDAQ:NOVT) was the target of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 674,200 shares, a growth of 10.7% from the November 14th total of 609,100 shares. Based on an average trading volume of 145,700 shares, the days-to-cover ratio is presently 4.6 days. Currently, 2.0% of the company’s stock are sold short.

Shares of NASDAQ:NOVT traded down $3.57 on Friday, reaching $88.66. The company had a trading volume of 124,505 shares, compared to its average volume of 143,495. Novanta has a 52-week low of $57.07 and a 52-week high of $96.31. The firm’s 50 day simple moving average is $87.19 and its 200-day simple moving average is $83.69. The firm has a market capitalization of $3.15 billion, a PE ratio of 41.05 and a beta of 1.48. The company has a current ratio of 2.38, a quick ratio of 1.43 and a debt-to-equity ratio of 0.64.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. The firm had revenue of $154.10 million during the quarter, compared to analysts’ expectations of $155.04 million. Novanta had a return on equity of 20.01% and a net margin of 6.94%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. As a group, equities research analysts predict that Novanta will post 2.14 earnings per share for the current year.

In other news, Director Stephen W. Bershad sold 400,000 shares of Novanta stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.28, for a total value of $34,912,000.00. Company insiders own 4.90% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Novanta by 19.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,312 shares of the technology company’s stock worth $1,055,000 after purchasing an additional 1,864 shares in the last quarter. Yorktown Management & Research Co Inc boosted its position in shares of Novanta by 7.1% in the 2nd quarter. Yorktown Management & Research Co Inc now owns 12,688 shares of the technology company’s stock worth $1,196,000 after purchasing an additional 843 shares in the last quarter. Eqis Capital Management Inc. boosted its position in shares of Novanta by 18.1% in the 3rd quarter. Eqis Capital Management Inc. now owns 3,877 shares of the technology company’s stock worth $317,000 after purchasing an additional 594 shares in the last quarter. GW&K Investment Management LLC boosted its position in shares of Novanta by 29.5% in the 3rd quarter. GW&K Investment Management LLC now owns 239,255 shares of the technology company’s stock worth $19,552,000 after purchasing an additional 54,500 shares in the last quarter. Finally, BB&T Securities LLC boosted its position in shares of Novanta by 13.9% in the 3rd quarter. BB&T Securities LLC now owns 3,017 shares of the technology company’s stock worth $235,000 after purchasing an additional 369 shares in the last quarter. 89.37% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have recently issued reports on NOVT. BidaskClub downgraded Novanta from a “buy” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research upgraded Novanta from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th.

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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