Novanta (NASDAQ:NOVT) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Separately, Robert W. Baird started coverage on Novanta in a report on Thursday, December 7th. They issued an “outperform” rating and a $54.00 target price for the company.

Shares of Novanta (NASDAQ:NOVT) opened at $49.30 on Tuesday. Novanta has a 52-week low of $20.13 and a 52-week high of $55.10. The company has a market capitalization of $1,710.00, a price-to-earnings ratio of 32.04 and a beta of 1.26. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.93.

Novanta (NASDAQ:NOVT) last released its earnings results on Wednesday, November 1st. The technology company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. The company had revenue of $146.30 million during the quarter, compared to analyst estimates of $132.10 million. Novanta had a return on equity of 18.29% and a net margin of 12.45%. The company’s revenue for the quarter was up 49.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 earnings per share. sell-side analysts forecast that Novanta will post 1.58 earnings per share for the current fiscal year.

In other news, Director Stephen W. Bershad sold 500,000 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total value of $26,275,000.00. Following the completion of the sale, the director now owns 1,711,648 shares in the company, valued at $89,947,102.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.30% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. increased its stake in shares of Novanta by 1,500.0% in the second quarter. Thompson Davis & CO. Inc. now owns 4,000 shares of the technology company’s stock worth $144,000 after acquiring an additional 3,750 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Novanta by 2,150.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock worth $147,000 after acquiring an additional 3,892 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Novanta by 19.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock worth $210,000 after acquiring an additional 938 shares during the last quarter. Wade G W & Inc. acquired a new position in shares of Novanta in the third quarter worth $217,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Novanta in the second quarter worth $238,000. Institutional investors own 79.01% of the company’s stock.

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Novanta Company Profile

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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