UBS Group Lowers Enovis (NYSE:ENOV) Price Target to $57.00

Key Points

• UBS Group has lowered its price target for Enovis from $65.00 to $57.00, maintaining a "buy" rating, indicating a potential upside of 97.92% from the current price.
• Multiple analysts have also reduced their price targets on Enovis, with JMP Securities at $55.00, Evercore ISI at $46.00, and Wells Fargo at $41.00.
• Despite the downgrades, Enovis reported a quarterly earnings per share of $0.79, exceeding expectations, with total revenue reaching $564.5 million, up 7.5% year-over-year.

Enovis (NYSE:ENOV - Free Report) had its price target reduced by UBS Group from $65.00 to $57.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

ENOV has been the subject of a number of other research reports. Canaccord Genuity Group lowered their price target on shares of Enovis from $75.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Wells Fargo & Company lowered their price target on shares of Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a report on Friday. Needham & Company LLC lowered their price target on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Evercore ISI lowered their price target on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Finally, JMP Securities lowered their price target on shares of Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a report on Friday, May 9th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $51.00.

Enovis Price Performance

Shares of Enovis stock traded up $1.09 during midday trading on Friday, reaching $29.20. The company had a trading volume of 122,585 shares, compared to its average volume of 1,196,568. The company has a current ratio of 2.25, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -2.06 and a beta of 1.70. The stock has a fifty day simple moving average of $30.51 and a 200 day simple moving average of $35.01. Enovis has a 1-year low of $25.47 and a 1-year high of $49.83.

Enovis (NYSE:ENOV - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.05. The business had revenue of $564.50 million during the quarter, compared to analyst estimates of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. Enovis's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 earnings per share. As a group, equities research analysts forecast that Enovis will post 2.79 earnings per share for the current year.

Hedge Funds Weigh In On Enovis

Several institutional investors and hedge funds have recently made changes to their positions in ENOV. LPL Financial LLC grew its holdings in shares of Enovis by 28.8% in the 4th quarter. LPL Financial LLC now owns 34,936 shares of the company's stock valued at $1,533,000 after buying an additional 7,820 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Enovis by 8.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 330,817 shares of the company's stock valued at $14,516,000 after buying an additional 25,619 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Enovis by 53.0% in the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the company's stock valued at $30,000 after buying an additional 239 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Enovis in the 4th quarter valued at $16,407,000. Finally, Scotia Capital Inc. acquired a new position in shares of Enovis in the 4th quarter valued at $598,000. Institutional investors and hedge funds own 98.45% of the company's stock.

About Enovis

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.