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

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 target price decreased by UBS Group from $65.00 to $57.00 in a research note published on Friday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group cut their price objective on shares of Enovis from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. JMP Securities cut their price objective on shares of Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a research report on Friday, May 9th. Needham & Company LLC cut their price objective on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Wells Fargo & Company dropped their price target on shares of Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Finally, Evercore ISI dropped their price target on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $51.00.

Enovis Stock Performance

ENOV stock traded up $0.91 during mid-day trading on Friday, hitting $29.66. 203,551 shares of the company were exchanged, compared to its average volume of 1,195,797. The business has a 50 day simple moving average of $30.47 and a 200-day simple moving average of $34.96. 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 stock has a market capitalization of $1.70 billion, a PE ratio of -2.08 and a beta of 1.70. 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 data on Thursday, August 7th. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.05. The firm had revenue of $564.50 million during the quarter, compared to the consensus estimate of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period last year, the business posted $0.62 earnings per share. On average, equities analysts forecast that Enovis will post 2.79 earnings per share for the current year.

Institutional Investors Weigh In On Enovis

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. increased its stake in shares of Enovis by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,207,768 shares of the company's stock valued at $237,199,000 after purchasing an additional 44,632 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Enovis by 11.3% in the first quarter. Vanguard Group Inc. now owns 6,107,199 shares of the company's stock worth $233,356,000 after purchasing an additional 621,069 shares during the last quarter. DAVENPORT & Co LLC grew its stake in shares of Enovis by 10.4% in the first quarter. DAVENPORT & Co LLC now owns 3,071,985 shares of the company's stock worth $116,489,000 after purchasing an additional 289,644 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Enovis by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,927,340 shares of the company's stock worth $111,852,000 after purchasing an additional 27,894 shares during the last quarter. Finally, Royce & Associates LP grew its stake in shares of Enovis by 0.8% in the first quarter. Royce & Associates LP now owns 2,490,806 shares of the company's stock worth $95,174,000 after purchasing an additional 20,230 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.