Novanta (NASDAQ:NOVT) Reaches New 52-Week Low – Here’s What Happened

Shares of Novanta Inc. (NASDAQ:NOVT) hit a new 52-week low during trading on Wednesday . The company traded as low as $143.00 and last traded at $143.82, with a volume of 7057 shares traded. The stock had previously closed at $146.53.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Novanta Trading Down 0.9 %

The stock has a market capitalization of $5.26 billion, a PE ratio of 87.65 and a beta of 1.28. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average is $153.32 and its two-hundred day moving average is $166.61.

Institutional Investors Weigh In On Novanta

A number of institutional investors and hedge funds have recently made changes to their positions in NOVT. Norges Bank purchased a new stake in shares of Novanta in the fourth quarter valued at about $48,442,000. WCM Investment Management LLC purchased a new stake in shares of Novanta in the fourth quarter valued at about $15,104,000. Schroder Investment Management Group raised its holdings in shares of Novanta by 52.5% in the fourth quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company’s stock valued at $41,359,000 after buying an additional 93,511 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock valued at $37,916,000 after buying an additional 81,942 shares during the last quarter. Finally, Geneva Capital Management LLC raised its holdings in shares of Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after buying an additional 72,592 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Company 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.