Novanta (NASDAQ:NOVT) Updates Q3 2022 Earnings Guidance – MarketBeat

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Novanta (NASDAQ:NOVTGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.71-$0.76 for the period, compared to the consensus earnings per share estimate of $0.77. The company issued revenue guidance of $214.00 million-$216.00 million, compared to the consensus revenue estimate of $212.96 million. Novanta also updated its FY 2022 guidance to $2.96-$3.02 EPS.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NOVT shares. William Blair raised shares of Novanta from a market perform rating to an outperform rating in a report on Wednesday, May 11th. TheStreet raised shares of Novanta from a c+ rating to a b- rating in a report on Friday.

Novanta Price Performance

NASDAQ NOVT traded down $4.00 on Tuesday, reaching $148.07. 1,883 shares of the company’s stock traded hands, compared to its average volume of 633,680. Novanta has a 12 month low of $110.84 and a 12 month high of $184.44. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.05 and a quick ratio of 1.29. The stock has a 50-day simple moving average of $128.92 and a 200 day simple moving average of $131.62. The stock has a market cap of $5.29 billion, a PE ratio of 91.96 and a beta of 1.16.
Novanta (NASDAQ:NOVTGet Rating) last issued its quarterly earnings results on Tuesday, May 10th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.10. Novanta had a net margin of 7.73% and a return on equity of 19.41%. The business had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $195.96 million. During the same period last year, the business earned $0.58 earnings per share. The business’s quarterly revenue was up 25.6% on a year-over-year basis. As a group, research analysts predict that Novanta will post 3 earnings per share for the current year.

Hedge Funds Weigh In On Novanta

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its stake in shares of Novanta by 23.1% in the first quarter. Lazard Asset Management LLC now owns 976 shares of the technology company’s stock worth $138,000 after buying an additional 183 shares in the last quarter. Raymond James Trust N.A. raised its position in Novanta by 26.5% in the first quarter. Raymond James Trust N.A. now owns 1,904 shares of the technology company’s stock worth $271,000 after acquiring an additional 399 shares during the period. Baird Financial Group Inc. lifted its position in shares of Novanta by 15.6% in the first quarter. Baird Financial Group Inc. now owns 3,090 shares of the technology company’s stock valued at $440,000 after acquiring an additional 418 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Novanta by 33.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,602 shares of the technology company’s stock valued at $512,000 after acquiring an additional 901 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Novanta by 227.3% in the first quarter. Captrust Financial Advisors now owns 1,545 shares of the technology company’s stock worth $220,000 after buying an additional 1,073 shares in the last quarter. Hedge funds and other institutional investors own 94.10% of the company’s stock.

Novanta Company Profile

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Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

Further Reading

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