Enovis (NYSE:ENOV) Given New $49.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced Enovis' price target from $57.00 to $49.00, indicating a potential upside of 72.26% from its current stock price.
• Enovis' recent quarterly earnings report showed an EPS of $0.79, exceeding analyst expectations and demonstrating a 7.5% increase in revenue compared to the same quarter last year.
• Institutional investors hold a significant interest in Enovis, with nearly 98.45% of shares owned by hedge funds and other institutions as of the first quarter.

Enovis (NYSE:ENOV - Get Free Report) had its target price decreased by Needham & Company LLC from $57.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 71.99% from the company's previous close.

A number of other research firms have also recently commented on ENOV. Evercore ISI reduced their price target on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. JMP Securities dropped their price target 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. Finally, Canaccord Genuity Group cut their price target on Enovis from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $51.00.

Enovis Price Performance

NYSE:ENOV traded down $0.03 during trading hours on Thursday, hitting $28.49. The company's stock had a trading volume of 1,499,729 shares, compared to its average volume of 1,617,876. Enovis has a twelve month low of $25.47 and a twelve month high of $49.83. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.25 and a quick ratio of 1.32. The stock has a fifty day simple moving average of $30.54 and a 200-day simple moving average of $35.14. The company has a market capitalization of $1.63 billion, a P/E ratio of -2.00 and a beta of 1.70.

Enovis (NYSE:ENOV - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. The business had revenue of $564.50 million during the quarter, compared to the consensus estimate of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. The firm's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, analysts anticipate that Enovis will post 2.79 EPS for the current fiscal year.

Institutional Trading of Enovis

Several institutional investors and hedge funds have recently modified their holdings of ENOV. LPL Financial LLC boosted its holdings in Enovis by 28.8% during the fourth quarter. LPL Financial LLC now owns 34,936 shares of the company's stock worth $1,533,000 after purchasing an additional 7,820 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Enovis by 8.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 330,817 shares of the company's stock worth $14,516,000 after buying an additional 25,619 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Enovis by 53.0% during the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the company's stock worth $30,000 after buying an additional 239 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Enovis in the 4th quarter worth approximately $16,407,000. Finally, Scotia Capital Inc. bought a new position in shares of Enovis in the fourth quarter valued at approximately $598,000. 98.45% of the stock is 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.