Canaccord Genuity Group Issues Pessimistic Forecast for Enovis (NYSE:ENOV) Stock Price

Key Points

• Canaccord Genuity Group has reduced its target price for Enovis (NYSE:ENOV) from $70.00 to $58.00, while maintaining a "buy" rating, indicating a potential upside of 103.58%.
• Other brokerages have also lowered their target prices for Enovis, with Wells Fargo setting a target of $41.00 and JMP Securities at $55.00.
• Enovis recently reported earnings of $0.79 per share, exceeding expectations of $0.74, alongside a revenue of $564.50 million for the quarter, reflecting a year-over-year increase of 7.5%.

Enovis (NYSE:ENOV - Free Report) had its price objective reduced by Canaccord Genuity Group from $70.00 to $58.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

ENOV has been the subject of several other reports. UBS Group lowered their target price on Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a report on Friday, August 8th. Needham & Company LLC decreased their price objective on Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. JMP Securities reduced their target price on Enovis from $62.00 to $55.00 and set a "market outperform" rating on the stock in a research report on Friday, May 9th. Evercore ISI cut their price objective on Enovis from $48.00 to $46.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Finally, Wells Fargo & Company dropped their target price on Enovis from $48.00 to $41.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $51.00.

Enovis Price Performance

NYSE:ENOV traded up $1.00 during trading hours on Friday, reaching $29.75. The stock had a trading volume of 254,175 shares, compared to its average volume of 1,196,212. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.25. Enovis has a 52 week low of $25.47 and a 52 week high of $49.83. The company has a 50 day moving average price of $30.47 and a two-hundred day moving average price of $34.96. The stock has a market capitalization of $1.70 billion, a PE ratio of -2.08 and a beta of 1.70.

Enovis (NYSE:ENOV - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.05. The firm had revenue of $564.50 million for the quarter, compared to the consensus estimate of $555.80 million. Enovis had a positive return on equity of 6.78% and a negative net margin of 37.80%. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS. As a group, sell-side analysts anticipate that Enovis will post 2.79 earnings per share for the current fiscal year.

Institutional Trading of Enovis

A number of institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC increased its position in Enovis by 53.0% during the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the company's stock worth $30,000 after purchasing an additional 239 shares during the period. Farther Finance Advisors LLC grew its holdings in Enovis by 266.7% during the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock valued at $27,000 after buying an additional 536 shares during the last quarter. Quarry LP lifted its stake in shares of Enovis by 506.1% during the 4th quarter. Quarry LP now owns 897 shares of the company's stock worth $39,000 after purchasing an additional 749 shares during the period. GAMMA Investing LLC lifted its stake in shares of Enovis by 144.8% during the 1st quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock worth $45,000 after purchasing an additional 692 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Enovis during the 2nd quarter worth $46,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Enovis Company Profile

Enovis Corporation operates as a medical technology company focus on developing clinically differentiated solutions worldwide. It also manufactures and distributes medical devices which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company operates through Prevention and Recovery, and Reconstructive segments.