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

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

Wall Street Analysts Forecast Growth

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

Novanta Price Performance

The firm has a market cap of $5.13 billion, a price-to-earnings ratio of 85.51 and a beta of 1.28. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $151.14 and its 200-day moving average price is $165.54.

Institutional Trading of Novanta

Large investors have recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in shares of Novanta during the fourth quarter worth approximately $26,000. GHP Investment Advisors Inc. purchased a new stake in shares of Novanta during the third quarter worth approximately $49,000. Johnson Financial Group Inc. increased its stake in shares of Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares during the period. Huntington National Bank increased its stake in shares of Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after buying an additional 150 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Novanta during the fourth quarter worth approximately $97,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

About Novanta

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.