Novanta (NASDAQ:NOVT) Hits New 1-Year Low – Should You Sell?

Novanta Inc. (NASDAQ:NOVT)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $140.53 and last traded at $143.43, with a volume of 12456 shares. The stock had previously closed at $143.17.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Novanta Stock Performance

The firm’s 50-day moving average price is $151.14 and its two-hundred day moving average price is $165.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The stock has a market cap of $5.13 billion, a price-to-earnings ratio of 85.51 and a beta of 1.28.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in shares of Novanta during the 3rd quarter valued at about $232,000. KBC Group NV lifted its position in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after buying an additional 4,648 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Novanta by 110.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company’s stock valued at $17,938,000 after buying an additional 52,573 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Novanta by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock valued at $78,616,000 after buying an additional 4,271 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Company Profile

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.