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

Novanta Inc. (NASDAQ:NOVT) reached a new 52-week low on Monday . The stock traded as low as $139.17 and last traded at $139.88, with a volume of 6359 shares changing hands. The stock had previously closed at $140.51.

Analyst Upgrades and Downgrades

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

Novanta Trading Down 0.2 %

The company has a 50 day simple moving average of $150.14 and a two-hundred day simple moving average of $165.22. 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 firm has a market cap of $5.04 billion, a PE ratio of 83.95 and a beta of 1.28.

Hedge Funds Weigh In On Novanta

A number of hedge funds have recently bought and sold shares of NOVT. Empowered Funds LLC purchased a new position in Novanta during the fourth quarter valued at $26,000. GHP Investment Advisors Inc. acquired a new position in shares of Novanta during the 3rd quarter worth about $49,000. Johnson Financial Group Inc. lifted its stake in Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after buying an additional 270 shares in the last quarter. Huntington National Bank boosted its holdings in Novanta by 53.6% in the 4th 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 last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Novanta during the 4th quarter worth approximately $97,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.