Novanta (NOVT) Soars 3.8%: Is Further Upside Left in the Stock?

Company Overview - Novanta is experiencing strong momentum in medical applications, driven by increasing demand for robotics, automation, minimally invasive and robotic surgery, and precision medicine [1] - Novanta's stock price increased by 3.8% to close at $171.82, with significant trading volume compared to normal sessions [4] - The consensus EPS estimate for Novanta's upcoming quarterly report is $0.69, reflecting a year-over-year decline of 13.8%, while revenues are expected to be $233.33 million, an increase of 1.7% from the previous year [5] Earnings Estimates and Trends - The consensus EPS estimate for Novanta has remained unchanged over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [6] - Trends in earnings estimate revisions are strongly correlated with near-term stock price movements, suggesting that monitoring these trends is crucial for assessing future stock performance [2] Industry Context - Novanta operates within the Zacks Electronics - Miscellaneous Components industry, which includes other companies like Fabrinet [7] - Fabrinet's consensus EPS estimate for its upcoming report has increased by 1.3% to $2.24, representing a 20.4% increase from the previous year [3]