Point72 DIFC Ltd Buys Shares of 11,100 Novanta Inc. (NASDAQ:NOVT)

Point72 DIFC Ltd bought a new stake in shares of Novanta Inc. (NASDAQ:NOVT) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 11,100 shares of the technology company’s stock, valued at approximately $1,986,000.

Several other institutional investors also recently bought and sold shares of NOVT. GAMMA Investing LLC raised its holdings in Novanta by 33.1% during the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after buying an additional 59 shares in the last quarter. GHP Investment Advisors Inc. bought a new position in shares of Novanta in the third quarter worth about $49,000. nVerses Capital LLC bought a new position in shares of Novanta in the third quarter worth about $54,000. Signaturefd LLC increased its stake in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Novanta by 47.6% in the second quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after purchasing an additional 242 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 3,660 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. The trade was a 2.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,271 shares of company stock valued at $2,185,107 over the last three months. 1.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their price objective on Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th.

Novanta Trading Up 1.3 %

Novanta stock opened at $170.40 on Thursday. Novanta Inc. has a 52 week low of $145.24 and a 52 week high of $187.12. The firm has a market capitalization of $6.12 billion, a PE ratio of 102.04 and a beta of 1.26. The business’s 50-day simple moving average is $172.88 and its 200-day simple moving average is $171.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period last year, the business earned $0.85 earnings per share. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.