Hardy Reed LLC Takes $211,000 Position in Novanta Inc. (NASDAQ:NOVT)

Hardy Reed LLC bought a new position in shares of Novanta Inc. (NASDAQ:NOVT) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 1,180 shares of the technology company’s stock, valued at approximately $211,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Novanta by 33.1% during 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. GHP Investment Advisors Inc. purchased a new stake in Novanta during the 3rd quarter worth approximately $49,000. nVerses Capital LLC acquired a new stake in Novanta during the 3rd quarter worth approximately $54,000. Signaturefd LLC grew its stake in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after acquiring an additional 100 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Novanta by 47.6% in the second quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after acquiring an additional 242 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Novanta Stock Performance

Shares of Novanta stock opened at $166.62 on Wednesday. The business has a 50-day simple moving average of $173.72 and a 200-day simple moving average of $171.06. The company has a market cap of $5.98 billion, a PE ratio of 99.77 and a beta of 1.29. Novanta Inc. has a one year low of $142.35 and a one year high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

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

Insider Transactions at Novanta

In other news, CFO Robert Buckley sold 4,379 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total value of $771,579.80. Following the completion of the transaction, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,217,827.80. This represents a 3.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the sale, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,650 shares of company stock valued at $2,956,686. Corporate insiders own 1.20% of the company’s stock.

Novanta Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.