Enovis (NYSE:ENOV) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• Enovis beat quarterly earnings expectations, reporting EPS of $0.88 versus the $0.77 consensus and revenue of $558.73 million versus $557.12 million expected. Revenue rose 1.8% year over year.
• Shares jumped about 16% at the open, from a prior close of $24.42 to $28.43, following the results.
• Analysts’ consensus rating is “Moderate Buy” with a $37.25 price target; company insiders also bought 23,293 shares worth about $449,600 in the past three months.

Shares of Enovis Corporation (NYSE:ENOV - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $24.42, but opened at $28.43. Enovis shares last traded at $28.1330, with a volume of 421,366 shares traded.

The company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.11. Enovis had a positive return on equity of 12.03% and a negative net margin of 47.96%. The business had revenue of $558.73 million during the quarter, compared to analysts' expectations of $557.12 million. During the same quarter in the prior year, the business posted $0.75 earnings per share. The business's quarterly revenue was up 1.8% on a year-over-year basis.

Analysts Set New Price Targets

Several research firms recently issued reports on ENOV. Citizens Jmp reduced their target price on shares of Enovis from $55.00 to $47.00 and set a "market outperform" rating for the company in a report on Wednesday, September 2nd. Citigroup reiterated a "market outperform" rating on shares of Enovis in a research report on Wednesday, September 2nd. Needham & Company LLC reduced their price objective on shares of Enovis from $52.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Wall Street Zen upgraded shares of Enovis from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Finally, Zacks Research upgraded shares of Enovis from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Enovis has an average rating of "Moderate Buy" and a consensus target price of $37.25.

Insider Activity at Enovis

In other Enovis news, CEO Damien Mcdonald purchased 13,035 shares of the company's stock in a transaction on Friday, September 4th. The stock was acquired at an average cost of $19.15 per share, for a total transaction of $249,620.25. Following the purchase, the chief executive officer directly owned 247,077 shares of the company's stock, valued at $4,731,524.55. This trade represents a 5.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Oliver Engert acquired 2,660 shares of the business's stock in a transaction on Friday, September 4th. The shares were bought at an average cost of $18.80 per share, with a total value of $50,008.00. Following the completion of the acquisition, the insider owned 63,898 shares in the company, valued at approximately $1,201,282.40. This represents a 4.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 23,293 shares of company stock worth $449,599 in the last three months. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovis

Several hedge funds have recently modified their holdings of the stock. Private Management Group Inc. boosted its stake in Enovis by 31.3% during the third quarter. Private Management Group Inc. now owns 1,792,429 shares of the company's stock valued at $32,748,000 after buying an additional 427,347 shares during the last quarter. Fulcrum Asset Management LLP increased its stake in Enovis by 2,739.4% in the 3rd quarter. Fulcrum Asset Management LLP now owns 20,330 shares of the company's stock worth $375,000 after acquiring an additional 19,614 shares during the last quarter. Villanova Investment Management Co increased its stake in Enovis by 10.2% in the 3rd quarter. Villanova Investment Management Co now owns 148,424 shares of the company's stock worth $2,712,000 after acquiring an additional 13,740 shares during the last quarter. Bfsg LLC raised its holdings in shares of Enovis by 24.6% during the 3rd quarter. Bfsg LLC now owns 13,282 shares of the company's stock worth $243,000 after acquiring an additional 2,622 shares in the last quarter. Finally, MGO One Seven LLC purchased a new stake in shares of Enovis during the 3rd quarter worth approximately $200,000. Hedge funds and other institutional investors own 98.45% of the company's stock.

Enovis Stock Up 16.4%

The company has a current ratio of 1.98, a quick ratio of 1.00 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $1.64 billion, a P/E ratio of -1.48 and a beta of 1.31. The business has a 50-day moving average price of $19.79 and a 200 day moving average price of $23.05.

Enovis Company Profile

Enovis Corporation NYSE: ENOV is a medical technology company that develops, manufactures and distributes products designed to improve patient recovery, mobility and quality of life. Its portfolio serves orthopedic, sports medicine, physical therapy and rehabilitation markets, as well as other areas of musculoskeletal care.

The company's products include orthopedic implants and surgical technologies, braces and supports, cold and compression therapy systems, electrotherapy and rehabilitation equipment, and other solutions used by hospitals, surgeons, physical therapists, athletic trainers and patients.

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