The stock of Novanta Inc. (NASDAQ:NOVT) is now priced at $104.57 and the shares are 1.92 points up or 1.87% higher compared to its previous closing price of $102.65. The stock had 101630 contracts set over the past session. NOVT shares’ daily volume is compared to its average trading volume at 149080 shares. However, it has a float of 34.15 million and although its performance was 1.56% over the week, it’s one to watch. Analysts have given the NOVT stock a yearly average price target of $102 per share. It means the stock’s downside potential is -2.46% with the NOVT share price recently placing at $100.3 to $104.712. However, some brokerage firms have priced the stock below the average, including one that has called $90.

The shorts are climbing into the Novanta Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the NOVT shares have risen. Short interest in the stock represents just 1.73% of its float, but the volume has raised by 183255. The volume of shorted shares rised to 591701 from 408446 shares over the last two weeks. The average intraday trading volume has been 149325 shares, which means that days to cover moved to roughly 3.962505.

In the last trading session, Novanta Inc. (NASDAQ:NOVT) raised by $1.61 over the week and gained $1.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $115.33. The stock recorded its established 52-week high on 06/05/20.

Since 03/20/20, the stock has traded to a low of $66.44 at 57.39%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.25. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Novanta Inc.’s two-week RSI is 54.15. This suggests that the stock is neutral at the moment and that NOVT shares’ price movement remains stable. The stochastic readings are equally revealing at 35.07% meaning the NOVT share price is currently in neutral territory.

The technical chart shows that the NOVT stock will likely settle at between $106.09 and $107.61 per share. However, if the stock dips below $101.68, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $98.78.

Currently, the stock is trading in the red of MACD, with a reading of -0.84. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at William Blair cut their recommendation for NOVT from Outperform to Mkt Perform in April 02 review. William Blair analysts see the stock as a Outperform with a target price of $ in a flash note released to investors on February 27 initiating covering the stock. Robert W. Baird analysts see the stock as Outperform when the analysts initiated the share price coverage on December 08, placing it at $54.

The average rating for the NOVT equity is 2.67 and is currently gathering a bullish momentum. Of 3 analysts tracking Novanta Inc. polled by Reuters, 2 rated NOVT as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the NOVT stock price is 48.19X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 91.7 above the group’s average of 41.1. Novanta Inc. has its P/E ratio at 8.9, which means that the stock is currently trading at a premium relative to the 3.8 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Novanta Inc. (NASDAQ:NOVT) will decrease by about -99.91%, which will see them reach $138.11 million. The company’s full-year revenues are, however, expected to diminish by about -8.65%, down from $626.1 million to $571.97 million. NOVT’s expected adjusted earnings should drop almost -57.41% to end up at $0.23 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -37.38% to record $1.34/share.

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