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

Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low during trading 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 Upgrades and Downgrades

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

Novanta Price Performance

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

Institutional Investors Weigh In On Novanta

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Novanta in the fourth quarter valued at about $26,000. GHP Investment Advisors Inc. acquired a new position in Novanta during the third quarter worth approximately $49,000. Johnson Financial Group Inc. grew its position in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after purchasing an additional 270 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Novanta in the third quarter valued at approximately $54,000. Finally, Huntington National Bank grew its position in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after buying an additional 150 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

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.