Enovis (NYSE:ENOV) Sets New 1-Year Low - Here's What Happened

Key Points

• Enovis Corporation (NYSE:ENOV) reached a new 52-week low at $25.70 during trading, with a current share price of $25.88 and a market cap of $1.48 billion.
• Several financial analysts have downgraded their price targets for Enovis, with a consensus target price now at $55.60 and a consensus rating of "Moderate Buy".
• The company's recent earnings report showed a 8.2% year-over-year revenue increase to $558.83 million, alongside earnings per share of $0.81, surpassing estimates.

Shares of Enovis Corporation (NYSE:ENOV - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $25.70 and last traded at $25.88, with a volume of 191713 shares. The stock had previously closed at $26.80.

Analysts Set New Price Targets

A number of research firms have issued reports on ENOV. Evercore ISI lowered their target price on Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. JMP Securities cut their target price on shares of Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a research note on Friday, May 9th. Canaccord Genuity Group lowered their price target on shares of Enovis from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, Needham & Company LLC lowered their target price on shares of Enovis from $64.00 to $57.00 and set a "buy" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.60.

Enovis Price Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 2.55 and a quick ratio of 1.32. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -1.85 and a beta of 1.70. The business's 50-day simple moving average is $31.04 and its two-hundred day simple moving average is $35.91.

Enovis (NYSE:ENOV - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.07. Enovis had a negative net margin of 37.65% and a positive return on equity of 5.99%. The firm had revenue of $558.83 million for the quarter, compared to analyst estimates of $558.80 million. During the same quarter last year, the business posted $0.50 earnings per share. The company's quarterly revenue was up 8.2% on a year-over-year basis. Research analysts expect that Enovis Corporation will post 2.79 earnings per share for the current year.

Hedge Funds Weigh In On Enovis

A number of hedge funds have recently modified their holdings of ENOV. Hood River Capital Management LLC acquired a new position in shares of Enovis during the fourth quarter worth $29,024,000. Vanguard Group Inc. lifted its holdings in Enovis by 11.3% in the first quarter. Vanguard Group Inc. now owns 6,107,199 shares of the company's stock valued at $233,356,000 after buying an additional 621,069 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Enovis by 191.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 810,771 shares of the company's stock valued at $26,772,000 after buying an additional 532,648 shares during the period. Paradigm Capital Management Inc. NY lifted its holdings in Enovis by 2,566.0% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 533,200 shares of the company's stock valued at $23,397,000 after buying an additional 513,200 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Enovis in the fourth quarter valued at $16,407,000. Institutional investors and hedge funds own 98.45% of the company's stock.

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.