Novanta (NASDAQ:NOVT) Issues Q2 2022 Earnings Guidance

Novanta (NASDAQ:NOVTGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.69-$0.73 for the period, compared to the consensus EPS estimate of $0.72. The company issued revenue guidance of $205.00 million-$213.00 million, compared to the consensus revenue estimate of $206.16 million.

Shares of NASDAQ:NOVT opened at $126.63 on Wednesday. Novanta has a 12-month low of $114.31 and a 12-month high of $184.44. The stock has a market cap of $4.52 billion, a PE ratio of 78.17 and a beta of 1.11. The business has a 50 day moving average of $132.96 and a 200-day moving average of $147.94. The company has a quick ratio of 1.29, a current ratio of 2.05 and a debt-to-equity ratio of 0.77.

Novanta (NASDAQ:NOVTGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. The company had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $195.96 million. Novanta had a return on equity of 19.41% and a net margin of 7.73%. The business’s revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 earnings per share. Equities research analysts expect that Novanta will post 3 earnings per share for the current year.

Several research firms have weighed in on NOVT. Zacks Investment Research upgraded Novanta from a hold rating to a buy rating and set a $135.00 target price for the company in a research note on Friday, May 13th. William Blair upgraded Novanta from a market perform rating to an outperform rating in a research note on Wednesday, May 11th. Finally, StockNews.com initiated coverage on Novanta in a research note on Thursday, March 31st. They set a hold rating for the company.

Large investors have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its position in shares of Novanta by 23.1% during the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company’s stock valued at $138,000 after purchasing an additional 183 shares in the last quarter. UBS Group AG boosted its position in shares of Novanta by 145.5% during the 3rd quarter. UBS Group AG now owns 378 shares of the technology company’s stock valued at $59,000 after purchasing an additional 224 shares in the last quarter. Raymond James Trust N.A. boosted its position in shares of Novanta by 26.5% during the 1st quarter. Raymond James Trust N.A. now owns 1,904 shares of the technology company’s stock valued at $271,000 after purchasing an additional 399 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Novanta by 15.6% during the 1st quarter. Baird Financial Group Inc. now owns 3,090 shares of the technology company’s stock valued at $440,000 after purchasing an additional 418 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Novanta by 3.5% during the 4th quarter. Deutsche Bank AG now owns 24,289 shares of the technology company’s stock valued at $4,283,000 after purchasing an additional 819 shares in the last quarter. 94.10% of the stock is currently owned by institutional investors.

About Novanta (Get Rating)

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.

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