Enovis (NYSE:ENOV) Shares Gap Up on 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 before the market opened 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 traded.

Specifically, CEO Damien Mcdonald bought 6,457 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $30.97 per share, for a total transaction of $199,973.29. Following the purchase, the chief executive officer directly owned 102,753 shares in the company, valued at $3,182,260.41. This represents a 6.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

ENOV has been the topic of several research analyst reports. Evercore ISI dropped their price target on Enovis from $48.00 to $46.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Canaccord Genuity Group reduced their price target on Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a report on Friday, August 8th. UBS Group cut their price objective on Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Needham & Company LLC cut 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. Finally, Wells Fargo & Company lowered their price objective on Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday, August 8th. Six investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Enovis currently has a consensus 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 current ratio of 2.25 and a quick ratio of 1.15. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -2.37 and a beta of 1.68. The stock has a 50 day simple moving average of $29.81 and a two-hundred day simple moving average of $32.64.

Enovis (NYSE:ENOV - Get Free Report) last posted 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. Enovis had a positive return on equity of 6.78% and a negative net margin of 37.80%.The company had revenue of $564.50 million for the quarter, compared to analysts' expectations of $555.80 million. During the same period last year, the firm earned $0.62 earnings per share. Enovis's quarterly revenue was up 7.5% on a year-over-year basis. Enovis has set its FY 2025 guidance at 3.050-3.200 EPS. As a group, analysts anticipate that Enovis Corporation will post 2.79 earnings per share for the current year.

Institutional Trading of Enovis

A number of hedge funds and other institutional investors have recently made changes to their positions in ENOV. Vanguard Group Inc. increased its position in shares of Enovis by 11.3% during 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 in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Enovis by 191.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 810,771 shares of the company's stock worth $26,772,000 after purchasing an additional 532,648 shares in the last quarter. Paradigm Capital Management Inc. NY grew its holdings in shares of Enovis by 2,566.0% during the fourth quarter. Paradigm Capital Management Inc. NY now owns 533,200 shares of the company's stock worth $23,397,000 after buying an additional 513,200 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Enovis by 682.6% in the 2nd quarter. AQR Capital Management LLC now owns 498,317 shares of the company's stock valued at $15,627,000 after purchasing an additional 434,646 shares in the last quarter. Finally, Boston Partners raised its position in shares of Enovis by 42.4% during the 2nd quarter. Boston Partners now owns 1,382,724 shares of the company's stock worth $43,352,000 after purchasing an additional 411,744 shares during the last quarter. 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.