Novanta Inc (NASDAQ:NOVT) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 603,700 shares, a decrease of 7.0% from the July 31st total of 649,400 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average daily trading volume, of 161,800 shares, the short-interest ratio is presently 3.7 days.

In other news, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the transaction, the chief executive officer now owns 123,448 shares of the company’s stock, valued at approximately $11,506,588.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $91.06, for a total value of $1,482,183.62. Following the transaction, the chief financial officer now directly owns 158,803 shares in the company, valued at approximately $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. bought a new position in Novanta in the 2nd quarter worth about $26,000. Tower Research Capital LLC TRC bought a new position in Novanta in the 2nd quarter worth about $73,000. Bessemer Group Inc. bought a new position in Novanta in the 2nd quarter worth about $151,000. Institute for Wealth Management LLC. bought a new position in Novanta in the 2nd quarter worth about $211,000. Finally, Wolverine Trading LLC increased its stake in Novanta by 149.5% in the 2nd quarter. Wolverine Trading LLC now owns 2,525 shares of the technology company’s stock worth $238,000 after acquiring an additional 7,625 shares during the last quarter. 89.23% of the stock is currently owned by institutional investors and hedge funds.

NOVT traded up $0.19 during trading on Friday, reaching $82.42. 128,300 shares of the company were exchanged, compared to its average volume of 153,049. The company’s 50-day moving average is $77.15 and its two-hundred day moving average is $83.25. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 38.16 and a beta of 1.51. The company has a quick ratio of 1.74, a current ratio of 2.89 and a debt-to-equity ratio of 0.65. Novanta has a 12-month low of $55.68 and a 12-month high of $96.31.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.54. The business had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $154.47 million. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 EPS. Equities analysts forecast that Novanta will post 2.22 earnings per share for the current year.

A number of analysts recently issued reports on the company. Zacks Investment Research cut Novanta from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. BidaskClub cut Novanta from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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