Novanta (NASDAQ:NOVT) Posts Earnings Results, Beats Estimates By $0.08 EPS

Novanta (NASDAQ:NOVT) released its quarterly earnings data on Monday. The technology company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.08, FiscalAI reports. The company had revenue of $305.01 million for the quarter, compared to analysts’ expectations of $301.02 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%.

Novanta Stock Up 8.0%

NOVT traded up $10.83 during trading on Monday, hitting $145.98. 399,470 shares of the company’s stock were exchanged, compared to its average volume of 444,629. Novanta has a fifty-two week low of $98.27 and a fifty-two week high of $176.38. The stock has a market cap of $5.52 billion, a P/E ratio of 93.58 and a beta of 1.71. The business’s 50 day moving average is $142.18 and its two-hundred day moving average is $142.57. The company has a quick ratio of 3.79, a current ratio of 4.57 and a debt-to-equity ratio of 0.12.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Robert W. Baird set a $194.00 price target on Novanta in a research note on Friday, August 7th. Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a research note on Tuesday, October 13th. Finally, Zacks Research downgraded Novanta from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Novanta presently has an average rating of “Hold” and an average price target of $194.00.

About Novanta

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software.

The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.

Novanta was formerly known as GSI Group and adopted the Novanta name in 2016.