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

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

Wall Street Analyst Weigh In

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

Novanta Price Performance

The business has a 50-day moving average price of $150.14 and a 200 day moving average price of $165.22. The stock has a market cap of $5.04 billion, a PE ratio of 83.95 and a beta of 1.28. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Hedge Funds Weigh In On Novanta

A number of institutional investors have recently made changes to their positions in NOVT. Empowered Funds LLC purchased a new position in Novanta in the 4th quarter worth approximately $26,000. GHP Investment Advisors Inc. purchased a new stake in shares of Novanta in the 3rd quarter worth about $49,000. Johnson Financial Group Inc. boosted its holdings in Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after acquiring an additional 270 shares in the last quarter. Huntington National Bank raised its stake in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after purchasing an additional 150 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Novanta during the 4th quarter valued at $97,000. 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.