Enovis (NYSE:ENOV) Stock Price Up 14% on Better-Than-Expected Earnings

Key Points

• Enovis Corporation's stock price increased by 14% after the company reported better-than-expected earnings, with an EPS of $0.79 exceeding analysts' estimates of $0.74.
• Analyst price targets have been adjusted downward, with JMP Securities setting a new target of $55.00 and Needham & Company lowering theirs to $57.00, although several analysts still maintain a "buy" rating.
• Hedge funds and institutional investors own approximately 98.45% of Enovis' stock, indicating significant institutional interest in the company.

Enovis Corporation (NYSE:ENOV - Get Free Report) shot up 14% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $29.56 and last traded at $29.37. 179,386 shares changed hands during trading, a decline of 85% from the average session volume of 1,191,727 shares. The stock had previously closed at $25.76.

The company reported $0.79 earnings per share for the quarter, beating the consensus estimate 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 positive return on equity of 6.78% and a negative net margin of 37.80%. The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ENOV shares. Needham & Company LLC decreased their price target on Enovis from $57.00 to $49.00 and set a "buy" rating on the stock in a report on Thursday. Canaccord Genuity Group dropped their target price on shares of Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a research report on Friday. JMP Securities decreased 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 report on Friday, May 9th. Evercore ISI decreased their target price 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. Finally, Wells Fargo & Company lowered their price target on Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $51.00.

Institutional Trading of Enovis

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in shares of Enovis in the 2nd quarter worth about $540,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Enovis by 7.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,666 shares of the company's stock valued at $460,000 after purchasing an additional 1,059 shares during the period. Geode Capital Management LLC increased its position in shares of Enovis by 43.8% during the second quarter. Geode Capital Management LLC now owns 1,342,481 shares of the company's stock valued at $42,105,000 after purchasing an additional 408,608 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Enovis by 7.4% in the second quarter. PNC Financial Services Group Inc. now owns 9,490 shares of the company's stock worth $298,000 after acquiring an additional 650 shares in the last quarter. Finally, Vise Technologies Inc. bought a new position in Enovis during the 2nd quarter worth $208,000. 98.45% of the stock is currently owned by institutional investors.

Enovis Price Performance

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 firm has a market capitalization of $1.62 billion, a P/E ratio of -1.99 and a beta of 1.70. The business has a 50-day moving average of $30.54 and a 200 day moving average of $35.14.

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.