Enovis (NYSE:ENOV) Stock Price Up 14% Following 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)'s stock price rose 14% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $29.56 and last traded at $29.37. Approximately 179,386 shares changed hands during trading, a decline of 85% from the average daily volume of 1,191,727 shares. The stock had previously closed at $25.76.

The company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.05. Enovis had a positive return on equity of 5.99% and a negative net margin of 37.65%. During the same quarter in the previous year, the business earned $0.62 EPS. The firm's revenue was up 7.5% compared to the same quarter last year.

Analysts Set New Price Targets

ENOV has been the topic of several analyst reports. JMP Securities reduced their price objective on Enovis from $62.00 to $55.00 and set a "market outperform" rating on the stock in a research note on Friday, May 9th. Evercore ISI reduced their price objective on Enovis from $48.00 to $46.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. Needham & Company LLC reduced their price objective on Enovis from $64.00 to $57.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Canaccord Genuity Group reduced their price objective on Enovis from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. One 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $55.60.

Hedge Funds Weigh In On Enovis

Several large investors have recently bought and sold shares of ENOV. Aster Capital Management DIFC Ltd purchased a new position in shares of Enovis during the fourth quarter worth about $29,000. Quadrant Capital Group LLC grew its holdings in shares of Enovis by 53.0% during the fourth quarter. Quadrant Capital Group LLC now owns 690 shares of the company's stock worth $30,000 after purchasing an additional 239 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Enovis by 266.7% during the first quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock worth $27,000 after purchasing an additional 536 shares during the last quarter. Quarry LP grew its holdings in shares of Enovis by 506.1% during the fourth quarter. Quarry LP now owns 897 shares of the company's stock worth $39,000 after purchasing an additional 749 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Enovis by 144.8% during the first quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock worth $45,000 after purchasing an additional 692 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Enovis Stock Performance

The company has a market cap of $1.64 billion, a PE ratio of -2.07 and a beta of 1.70. The firm has a fifty day simple moving average of $30.67 and a 200-day simple moving average of $35.57. The company has a quick ratio of 1.32, a current ratio of 2.55 and a debt-to-equity ratio of 0.52.

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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