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

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

Analyst Ratings Changes

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

Novanta Stock Down 0.9 %

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 firm’s fifty day moving average is $153.32 and its 200-day moving average is $166.61. The stock has a market capitalization of $5.26 billion, a PE ratio of 87.65 and a beta of 1.28.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC acquired a new position in Novanta during the fourth quarter worth about $26,000. GAMMA Investing LLC grew its position in 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 buying an additional 59 shares during the period. GHP Investment Advisors Inc. acquired a new position in Novanta during the third quarter worth about $49,000. nVerses Capital LLC acquired a new position in Novanta during the third quarter worth about $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 during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.