Enovis (NYSE:ENOV) Price Target Cut to $41.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced its price target for Enovis (NYSE:ENOV) from $48.00 to $41.00, maintaining an "overweight" rating which suggests a potential upside of 45.18% from the company's previous close.
• Enovis reported a quarterly earnings per share of $0.79, surpassing analyst expectations and showing a 7.5% increase in revenue from the same quarter last year.
• Despite the positive earnings report, Enovis shares have seen declines, trading at $28.24, reflecting investor concerns as multiple analysts adjust their price targets downward.

Enovis (NYSE:ENOV - Free Report) had its target price reduced by Wells Fargo & Company from $48.00 to $41.00 in a research note issued to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of Enovis from $75.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Needham & Company LLC decreased their price objective on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, August 7th. JMP Securities decreased their price objective on shares of Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a report on Friday, May 9th. Finally, Evercore ISI decreased their price target on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $51.00.

Enovis Stock Performance

Shares of ENOV traded up $0.63 during trading hours on Friday, hitting $28.74. The company's stock had a trading volume of 1,060,197 shares, compared to its average volume of 1,202,736. The business has a 50 day simple moving average of $30.51 and a two-hundred day simple moving average of $35.01. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -2.02 and a beta of 1.70. Enovis has a 52-week low of $25.47 and a 52-week 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 1.15.

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. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. The company had revenue of $564.50 million during the quarter, compared to analysts' expectations of $555.80 million. During the same quarter in the previous year, the company earned $0.62 earnings per share. Enovis's revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts expect that Enovis will post 2.79 earnings per share for the current fiscal year.

Institutional Trading of Enovis

A number of institutional investors have recently made changes to their positions in ENOV. Farther Finance Advisors LLC boosted its holdings in shares of Enovis by 266.7% during the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock valued at $27,000 after acquiring an additional 536 shares during the last quarter. Quadrant Capital Group LLC raised its stake in 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 acquiring an additional 239 shares during the period. Quarry LP raised its stake in Enovis by 506.1% during the 4th quarter. Quarry LP now owns 897 shares of the company's stock worth $39,000 after acquiring an additional 749 shares during the period. GAMMA Investing LLC raised its position in shares of Enovis by 144.8% during the first quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock valued at $45,000 after buying an additional 692 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Enovis by 57.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,981 shares of the company's stock valued at $74,000 after buying an additional 725 shares during the last quarter. Hedge funds and other 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.