Novanta (NASDAQ:NOVT) Releases Earnings Results, Misses Expectations By $0.01 EPS

Novanta (NASDAQ:NOVT) posted its quarterly earnings data on Tuesday. The technology company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.01), Briefing.com reports. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $244.40 million during the quarter, compared to the consensus estimate of $242.33 million. During the same period in the prior year, the firm posted $0.85 EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis.

Novanta Stock Up 10.5 %

NASDAQ NOVT traded up $17.27 on Wednesday, reaching $181.94. The stock had a trading volume of 319,787 shares, compared to its average volume of 140,496. The business has a 50 day moving average price of $174.21 and a 200 day moving average price of $169.69. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. Novanta has a 1 year low of $111.20 and a 1 year high of $187.12. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 95.18 and a beta of 1.29.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped 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.

Insider Buying and Selling at Novanta

In other news, CFO Robert Buckley sold 3,660 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total transaction of $636,876.60. Following the completion of the sale, the chief financial officer now owns 120,419 shares in the company, valued at approximately $20,954,110.19. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 9,150 shares of company stock worth $1,608,936 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

About Novanta

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.