Enovis (NYSE:ENOV) Shares Gap Up After Insider Buying Activity

Key Points

• Enovis Corporation's shares gapped up to $32.78 after CEO Damien Mcdonald purchased 6,457 shares at $30.97 each, significantly increasing his ownership stake.
• Despite recent target price reductions from multiple brokerages, Enovis maintains an average rating of "Buy" with a target price of $51.00.
• The company's latest earnings report showed a 7.5% revenue increase year-over-year, with $564.50 million in revenue and a quarterly EPS of $0.79, surpassing analyst expectations.

Enovis Corporation (NYSE:ENOV - Get Free Report) shares gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $31.58, but opened at $32.78. Enovis shares last traded at $32.23, with a volume of 104,505 shares changing hands.

Specifically, CEO Damien Mcdonald bought 6,457 shares of Enovis stock in a transaction that occurred on Thursday, September 11th. The stock was purchased at an average cost of $30.97 per share, with a total value of $199,973.29. Following the purchase, the chief executive officer owned 102,753 shares in the company, valued at approximately $3,182,260.41. This trade represents a 6.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ENOV. Canaccord Genuity Group reduced their target price on shares of Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Needham & Company LLC reduced their price objective on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Evercore ISI reduced their price objective on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Wells Fargo & Company reduced their price objective on shares of Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Finally, UBS Group reduced their price objective on shares of Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Enovis presently has an average rating of "Buy" and an average price target of $51.00.

Enovis Stock Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.25. The stock's fifty day moving average price is $29.89 and its 200-day moving average price is $32.83. The company has a market capitalization of $1.85 billion, a P/E ratio of -2.27 and a beta of 1.68.

Enovis (NYSE:ENOV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.05. The company had revenue of $564.50 million for the quarter, compared to analysts' expectations of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. Enovis's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 EPS. Enovis has set its FY 2025 guidance at 3.050-3.200 EPS. As a group, research analysts anticipate that Enovis Corporation will post 2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovis

Institutional investors and hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in shares of Enovis by 266.7% in the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock valued at $27,000 after purchasing an additional 536 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Enovis by 125.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,271 shares of the company's stock valued at $40,000 after acquiring an additional 707 shares during the period. GAMMA Investing LLC raised its holdings in Enovis by 144.8% in the 1st quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock valued at $45,000 after acquiring an additional 692 shares during the period. Elevation Point Wealth Partners LLC bought a new position in Enovis in the 2nd quarter valued at about $46,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in Enovis by 57.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,981 shares of the company's stock valued at $74,000 after acquiring an additional 725 shares during the period. 98.45% of the stock is owned by 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.

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