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

Novanta (NASDAQ:NOVT) announced its earnings results on Monday. The technology company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.97 by $0.08, FiscalAI reports. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company had revenue of $305.01 million for the quarter, compared to analysts’ expectations of $301.02 million. During the same period last year, the firm earned $0.87 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis.

Novanta Price Performance

NOVT stock opened at $145.98 on Tuesday. The company’s 50-day moving average price is $142.25 and its two-hundred day moving average price is $142.59. The firm has a market cap of $5.52 billion, a P/E ratio of 41.73 and a beta of 1.71. The company has a quick ratio of 3.79, a current ratio of 4.57 and a debt-to-equity ratio of 0.12. Novanta has a 12 month low of $98.27 and a 12 month high of $176.38.

Wall Street Analysts Forecast Growth

NOVT has been the topic of a number of analyst reports. Zacks Research downgraded Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. Wall Street Zen raised Novanta from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Novanta in a research report on Tuesday, October 13th. Finally, Robert W. Baird set a $194.00 target price on Novanta in a research report on Friday, August 7th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Novanta currently has a consensus rating of “Hold” and a consensus price target of $194.00.

Novanta Company Profile

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.