Exchange Traded Concepts LLC Has $18.42 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Exchange Traded Concepts LLC raised its position in shares of Novanta Inc. (NASDAQ:NOVT) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 120,566 shares of the technology company’s stock after purchasing an additional 4,648 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Novanta were worth $18,419,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of NOVT. Clearline Capital LP raised its position in Novanta by 71.1% during the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock valued at $1,875,000 after buying an additional 4,778 shares during the period. GAMMA Investing LLC lifted its position in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Novanta during the third quarter worth approximately $232,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Novanta by 110.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock valued at $17,938,000 after purchasing an additional 52,573 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Novanta by 10.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company’s stock valued at $131,457,000 after buying an additional 69,858 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

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 research note on Wednesday, November 6th.

Insider Transactions at Novanta

In related news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the transaction, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.20% of the stock is currently owned by insiders.

Novanta Stock Performance

Shares of NOVT opened at $148.38 on Friday. The company has a market capitalization of $5.33 billion, a PE ratio of 88.85 and a beta of 1.28. The company’s fifty day moving average price is $159.16 and its 200 day moving average price is $169.42. Novanta Inc. has a one year low of $143.18 and a one year high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. The business had revenue of $244.40 million during the quarter, compared to analyst estimates of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.85 earnings per share. As a group, analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta Profile

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.