Short Interest in Novanta Inc (NASDAQ:NOVT) Increases By 28.9%

Novanta Inc (NASDAQ:NOVT) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totalling 572,900 shares, a growth of 28.9% from the May 30th total of 444,400 shares. Based on an average daily trading volume, of 145,800 shares, the days-to-cover ratio is presently 3.9 days. Approximately 1.7% of the shares of the stock are sold short.

Novanta stock traded up $0.56 during midday trading on Friday, reaching $87.68. The stock had a trading volume of 277,552 shares, compared to its average volume of 158,962. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.78 and a current ratio of 2.83. Novanta has a 52-week low of $55.68 and a 52-week high of $96.31. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of 40.59 and a beta of 1.53. The stock has a fifty day simple moving average of $86.90.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. The business had revenue of $157.20 million for the quarter, compared to the consensus estimate of $155.85 million. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 EPS. On average, equities analysts forecast that Novanta will post 2.41 EPS for the current fiscal year.

In other news, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the sale, the chief executive officer now directly owns 123,448 shares in the company, valued at approximately $11,506,588.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 16,277 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the sale, the chief financial officer now directly owns 158,803 shares in the company, valued at $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of NOVT. Strs Ohio grew its stake in Novanta by 340.0% in the 1st quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock worth $186,000 after acquiring an additional 1,700 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in Novanta in the 4th quarter worth about $202,000. Oppenheimer Asset Management Inc. grew its stake in Novanta by 98.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,379 shares of the technology company’s stock worth $202,000 after acquiring an additional 1,183 shares in the last quarter. BB&T Corp bought a new position in Novanta in the 1st quarter worth about $227,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Novanta in the 1st quarter worth about $286,000. Institutional investors and hedge funds own 87.13% of the company’s stock.

A number of analysts recently weighed in on NOVT shares. BidaskClub raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, July 4th. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday.

About Novanta

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 laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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