Enovis Corporation $ENOV Position Lowered by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Enovis Corporation by 15.6%, selling 73,971 shares and holding approximately 0.70% of the company, valued at $15.2 million.
• Multiple institutional investors have recently modified their positions in Enovis, with Farther Finance Advisors LLC increasing their stake by 266.7% during the first quarter.
• Enovis reported a positive earnings surprise with an EPS of $0.79, surpassing analysts' expectations of $0.74, and its revenue increased by 7.5% year-over-year.

Hsbc Holdings PLC trimmed its position in shares of Enovis Corporation (NYSE:ENOV - Free Report) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 400,678 shares of the company's stock after selling 73,971 shares during the period. Hsbc Holdings PLC owned approximately 0.70% of Enovis worth $15,222,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Enovis by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 6,107,199 shares of the company's stock valued at $233,356,000 after purchasing an additional 621,069 shares in the last quarter. Paradigm Capital Management Inc. NY increased its holdings in Enovis by 2,566.0% in the 4th quarter. Paradigm Capital Management Inc. NY now owns 533,200 shares of the company's stock valued at $23,397,000 after purchasing an additional 513,200 shares in the last quarter. DAVENPORT & Co LLC increased its holdings in Enovis by 10.4% in the 1st quarter. DAVENPORT & Co LLC now owns 3,071,985 shares of the company's stock valued at $116,489,000 after purchasing an additional 289,644 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Enovis in the 4th quarter valued at $10,970,000. Finally, Victory Capital Management Inc. increased its holdings in Enovis by 734.5% in the 1st quarter. Victory Capital Management Inc. now owns 275,058 shares of the company's stock valued at $10,510,000 after purchasing an additional 242,096 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Enovis Stock Up 0.7%

Shares of Enovis stock traded up $0.21 during trading hours on Tuesday, hitting $31.20. 1,194,468 shares of the company's stock traded hands, compared to its average volume of 1,182,845. The company has a quick ratio of 1.15, a current ratio of 2.25 and a debt-to-equity ratio of 0.53. Enovis Corporation has a twelve month low of $25.47 and a twelve month high of $49.83. The stock has a 50 day simple moving average of $30.04 and a 200-day simple moving average of $33.82. The company has a market cap of $1.78 billion, a PE ratio of -2.19 and a beta of 1.70.

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

Insider Activity

In related news, SVP Bradley J. Tandy purchased 3,200 shares of Enovis stock in a transaction dated Friday, August 22nd. The shares were acquired at an average price of $31.41 per share, with a total value of $100,512.00. Following the completion of the transaction, the senior vice president owned 43,515 shares of the company's stock, valued at approximately $1,366,806.15. This trade represents a 7.94% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Phillip Benjamin (Ben) Berry purchased 2,500 shares of Enovis stock in a transaction dated Wednesday, August 20th. The shares were bought at an average cost of $29.71 per share, for a total transaction of $74,275.00. Following the transaction, the chief financial officer directly owned 116,729 shares of the company's stock, valued at approximately $3,468,018.59. The trade was a 2.19% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.70% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ENOV. Canaccord Genuity Group lowered 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 lowered their price target on Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a report on Friday, August 8th. JMP Securities lowered their price target on Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a report on Friday, May 9th. 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 report on Friday, August 8th. Finally, Needham & Company LLC lowered their price target on Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $51.00.

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.