Enovis (NYSE:ENOV) Shares Gap Up - Here's Why

Key Points

• Enovis (NYSE:ENOV) shares gapped up from a previous close of $28.82 to open at $30.08 before last trading at $29.85.
• Analysts have lowered their price targets for Enovis, with Wells Fargo reducing its target from $48.00 to $41.00 while maintaining an "overweight" rating.
• The company reported a quarterly earnings per share (EPS) of $0.79, exceeding analysts' expectations, with revenues of $564.50 million, a 7.5% increase year-over-year.

Shares of Enovis Corporation (NYSE:ENOV - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $28.82, but opened at $30.08. Enovis shares last traded at $29.85, with a volume of 89,598 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. JMP Securities dropped their price objective on Enovis from $62.00 to $55.00 and set a "market outperform" rating on the stock in a report on Friday, May 9th. Needham & Company LLC dropped their price objective on Enovis from $57.00 to $49.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Evercore ISI dropped their price objective on Enovis from $48.00 to $46.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. UBS Group dropped their price objective on Enovis from $65.00 to $57.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Canaccord Genuity Group dropped their price objective on Enovis from $70.00 to $58.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $51.00.

Enovis Stock Performance

The stock has a 50-day simple moving average of $30.20 and a 200 day simple moving average of $34.34. 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 $1.71 billion, a PE ratio of -2.10 and a beta of 1.70.

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

Insider Activity

In related news, CFO Phillip Benjamin (Ben) Berry acquired 2,500 shares of Enovis stock in a transaction dated Wednesday, August 20th. The shares were acquired at an average cost of $29.71 per share, for a total transaction of $74,275.00. Following the completion of the transaction, the chief financial officer directly owned 116,729 shares of the company's stock, valued at $3,468,018.59. The trade was a 2.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.70% of the stock is owned by corporate insiders.

Institutional Trading of Enovis

Several institutional investors and hedge funds have recently made changes to their positions in ENOV. Farther Finance Advisors LLC lifted its position in shares of Enovis by 266.7% in the first quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock valued at $27,000 after acquiring an additional 536 shares in the last quarter. Quarry LP lifted its position in shares of Enovis by 506.1% in the fourth quarter. Quarry LP now owns 897 shares of the company's stock valued at $39,000 after acquiring an additional 749 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Enovis by 125.4% in the second 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 in the last quarter. GAMMA Investing LLC lifted its position in shares of Enovis by 144.8% in the first quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock valued at $45,000 after acquiring an additional 692 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Enovis in the second quarter valued at $46,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.