Novanta Earns 81 RS Rating, Reflecting Rising Market Leadership

Stocks Showing Rising Market Leadership: Novanta Earns 81 RS Rating

Novanta Inc. has achieved a Relative Strength (RS) Rating of 81, indicating a significant improvement in its market leadership position. Despite reporting a -9% decline in earnings growth and a modest 3% increase in sales in its latest quarterly report, Novanta ranks No. 3 among its peers in the Electronics-Scientific Measuring industry group, with Camtek leading the sector.

Novanta Inc.

Insider Activity and Analyst Upgrades Signal Potential Rise for Novanta Inc.

The Potential Rise in the Price of Novanta Inc (NOVT) following insiders activity

Recent insider activity at Novanta Inc. has raised interest in the company's stock. CFO Buckley Robert sold shares worth $0.25 million at $180.25 each on August 15, 2024. Additionally, William Blair upgraded Novanta's rating to 'Outperform', while Berenberg analysts initiated coverage with a 'Buy' rating. Despite a recent dip in stock price to $177.18, Novanta has experienced overall gains in the past year, although short interest increased by 3.67% as of July 31, 2024.

Novanta Second Quarter 2024 Earnings: EPS Misses Expectations

Novanta Inc. reported its second quarter earnings for 2024, revealing a revenue of US$235.9 million, which is a 2.8% increase compared to the same period last year. However, the company's net income fell to US$13.8 million, a significant 34% decrease, leading to a profit margin of 5.8%. The earnings per share (EPS) also declined to US$0.38 from US$0.58 year-over-year. Despite these disappointing results, Novanta's shares saw a 2.2% increase in value over the past week.

Novanta Inc. is a global supplier of core technology solutions for advanced industrial and healthcare applications. The company enables the manufacture, inspection, and testing of sophisticated products in advanced applications such as fine material processing, electronics, metrology, and robotics & factory automation.

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. It's Vision segment provides a range of medical grade technologies, including medical insufflators, pumps, and related disposables; visualization solutions; wireless technologies, video recorders, and video integration technologies for operating room integrations; optical data collection and machine vision technologies; radio frequency identification technologies; thermal chart recorders; spectrometry technologies; and embedded touch screen solutions. In addition, its Precision Motion segment offers optical and inductive encoders, precision motors, servo drives and motion control solutions, integrated stepper motors, intelligent robotic end-of-arm technology solutions, air bearings, and air bearing spindles. The company sells its products through its direct sales force, resellers, distributors, and system integrators under the Cambridge Technology, Synrad, Laser Quantum, ARGES, WOM, NDS, NDSsi, Med X Change, Reach Technology, JADAK, ThingMagic, Photo Research, Celera Motion, MicroE, Zettlex, Applimotion, Ingenia, and Westwind brands. The company was formerly known as GSI Group, Inc. and changed its name to Novanta Inc. in May 2016. Novanta Inc. was founded in 1968 and is headquartered in Bedford, Massachusetts.

COM:NOVANTA

Novanta Inc.

Last Close

177.15

25/09 14:36

Market Cap

5.71B

Beta: -

Volume Today

9.73K

Avg: -

Analysis Not Available