Needham & Company LLC Cuts Enovis (NYSE:ENOV) Price Target to $49.00

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 price target reduced by equities research analysts at Needham & Company LLC from $57.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 69.87% from the stock's previous close.

Other analysts also recently issued research reports about the company. JMP Securities reduced their price objective on 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 reduced their price objective on Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. Finally, Canaccord Genuity Group cut their target price on Enovis from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $51.00.

Enovis Stock Performance

Shares of ENOV stock traded up $0.74 during mid-day trading on Thursday, reaching $28.85. The stock had a trading volume of 495,339 shares, compared to its average volume of 1,198,451. The firm's 50 day simple moving average is $30.51 and its 200 day simple moving average is $35.01. 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 has a one year low of $25.47 and a one year high of $49.83. The firm has a market cap of $1.65 billion, a PE ratio of -2.02 and a beta of 1.70.

Enovis (NYSE:ENOV - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. 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 6.78% and a negative net margin of 37.80%. The company had revenue of $564.50 million during the quarter, compared to the consensus estimate of $555.80 million. During the same quarter last year, the company earned $0.62 EPS. The company's quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts forecast that Enovis will post 2.79 EPS for the current year.

Hedge Funds Weigh In On Enovis

Several institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC raised its position in Enovis by 53.0% in the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the company's stock valued at $30,000 after purchasing an additional 239 shares during the last quarter. California State Teachers Retirement System raised its position in Enovis by 0.7% in the 4th quarter. California State Teachers Retirement System now owns 52,236 shares of the company's stock valued at $2,292,000 after purchasing an additional 350 shares during the last quarter. Humankind Investments LLC raised its position in Enovis by 8.6% in the 1st quarter. Humankind Investments LLC now owns 5,688 shares of the company's stock valued at $217,000 after purchasing an additional 452 shares during the last quarter. US Bancorp DE raised its position in Enovis by 2.5% in the 1st quarter. US Bancorp DE now owns 19,031 shares of the company's stock valued at $727,000 after purchasing an additional 462 shares during the last quarter. Finally, Leisure Capital Management raised its position in Enovis by 2.2% in the 1st quarter. Leisure Capital Management now owns 22,903 shares of the company's stock valued at $875,000 after purchasing an additional 489 shares during the last quarter. Institutional investors own 98.45% of the company's stock.

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.