Enovis (NYSE:ENOV) Hits New 12-Month Low Following Analyst Downgrade

Key Points

• Enovis shares hit a new 52-week low, falling to $19.10 after Wells Fargo cut its price target from $39 to $33, though it maintained an overweight rating.
• Despite several recent target reductions, analysts remain broadly positive: Enovis has a “Moderate Buy” consensus rating and an average price target of $40.38.
• The company recently exceeded quarterly earnings expectations, reporting $0.90 in EPS versus $0.85 forecast and 3.2% year-over-year revenue growth; insiders and institutional investors have also been adding shares.

Shares of Enovis Corporation (NYSE:ENOV - Get Free Report) reached a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $39.00 to $33.00. Wells Fargo & Company currently has an overweight rating on the stock. Enovis traded as low as $19.10 and last traded at $19.34, with a volume of 361949 shares changing hands. The stock had previously closed at $20.20.

A number of other brokerages have also recently weighed in on ENOV. Canaccord Genuity Group dropped their price target on Enovis from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, August 17th. Weiss Ratings upgraded Enovis from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 21st. BMO Capital Markets set a $27.00 target price on Enovis in a research report on Tuesday. Citizens Jmp reduced their price target on shares of Enovis from $55.00 to $47.00 and set a "market outperform" rating for the company in a report on Wednesday. Finally, BTIG Research lowered their price target on shares of Enovis from $40.00 to $36.00 and set a "buy" rating for the company in a research report on Tuesday. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Enovis currently has an average rating of "Moderate Buy" and a consensus price target of $40.38.

Insiders Place Their Bets

In other Enovis news, insider Oliver Engert purchased 1,200 shares of the company's stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $21.62 per share, for a total transaction of $25,944.00. Following the completion of the transaction, the insider owned 51,840 shares in the company, valued at $1,120,780.80. The trade was a 2.37% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 3,200 shares of company stock valued at $69,864 in the last three months. Corporate insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Enovis

A number of hedge funds have recently added to or reduced their stakes in ENOV. AQR Capital Management LLC lifted its position in Enovis by 12.5% during the 1st quarter. AQR Capital Management LLC now owns 63,671 shares of the company's stock worth $2,363,000 after acquiring an additional 7,072 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Enovis by 37.6% in the first quarter. Goldman Sachs Group Inc. now owns 267,617 shares of the company's stock valued at $10,226,000 after acquiring an additional 73,116 shares during the period. Empowered Funds LLC boosted its position in Enovis by 13.0% in the first quarter. Empowered Funds LLC now owns 6,515 shares of the company's stock valued at $249,000 after buying an additional 749 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Enovis by 125.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,271 shares of the company's stock worth $40,000 after acquiring an additional 707 shares during the last quarter. Finally, Amundi raised its holdings in shares of Enovis by 24,405.0% in the second quarter. Amundi now owns 9,802 shares of the company's stock valued at $328,000 after buying an additional 9,762 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company's stock.

Enovis Trading Down 5.0%

The business's fifty day moving average is $25.63 and its two-hundred day moving average is $24.26. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -1.00 and a beta of 1.31. The company has a quick ratio of 1.00, a current ratio of 1.98 and a debt-to-equity ratio of 0.84.

Enovis (NYSE:ENOV - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.85 by $0.05. Enovis had a negative net margin of 47.96% and a positive return on equity of 12.03%. The firm had revenue of $582.78 million for the quarter, compared to analysts' expectations of $581.84 million. During the same period last year, the firm earned $0.79 earnings per share. The business's revenue for the quarter was up 3.2% on a year-over-year basis. Enovis has set its FY 2026 guidance at 3.520-3.730 EPS. Equities analysts anticipate that Enovis Corporation will post 3.15 earnings per share for the current fiscal year.

Enovis Company Profile

Enovis is a global medical technology company focused on advancing the field of musculoskeletal health. Formed through the separation of the MedTech business from Colfax Corporation in 2021, Enovis brings together a portfolio of specialized products and services designed to address conditions affecting the foot and ankle, hand and wrist, sports medicine, joint repair, biologics and rehabilitation.

The company’s flagship offerings include minimally invasive implants and instrumentation for foot and ankle surgery under the Treace Medical Concepts brand, focal joint resurfacing implants through Arthrosurface, and synthetic bone graft substitutes marketed as NovaBone.

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