NOVT Stock Summary and Trading Ideas (Novanta - Common Shares | NASDAQ:NOVT)

Novanta Inc manufactures photonic and motion-control components for original equipment manufacturers in the medical equipment and industrial technology markets. The firm operates in three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation. It generates the majority of its revenue from the Medical Solutions segment that designs, manufactures, and markets a range of medical-grade technologies, including medical insufflators, pumps, and related disposables; visualization solutions; and wireless technologies. The firm generates the majority of its revenue from the United States and Europe.

Novanta - Common Shares trades on the NASDAQ stock market under the symbol NOVT.

As of May 23, 2024, NOVT stock price declined to $162.36 with 95,857 million shares trading.

NOVT has a beta of 2.22, meaning it tends to be more sensitive to market movements. NOVT has a correlation of 0.46 to the broad based SPY ETF.

NOVT has a market cap of $5.83 billion. This is considered a Mid Cap stock.

Last quarter Novanta - Common Shares reported $231 million in Revenue and $.74 earnings per share. This beat revenue expectation by $3 million and exceeded earnings estimates by $.16.

In the last 3 years, NOVT stock traded as high as $187.61 and as low as $110.84.

The top ETF exchange traded funds that NOVT belongs to (by Net Assets): IJH, VTI, VB, IWM, VXF.

NOVT has underperformed the market in the last year with a price return of -0.1% while the SPY ETF gained +28.6%. NOVT has also underperformed the stock market ETF in the last 3 month and 2 week periods returning +2.4% and +0.4%, respectively, while the SPY returned +3.9% and +1.1%, respectively.

NOVT support price is $161.24 and resistance is $168.08 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that NOVT stock will trade within this expected range on the day.