Enovis (NYSE:ENOV) Shares Gap Up – What’s Next?

Enovis Co. (NYSE:ENOV) gapped up prior to trading on Wednesday . The stock had previously closed at $43.31, but opened at $49.51. Enovis shares last traded at $49.62, with a volume of 525 shares changing hands.

Wall Street Analysts Forecast Growth

ENOV has been the subject of several research reports. Needham & Company LLC reduced their price objective on Enovis from $82.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their price target on Enovis from $53.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Evercore ISI dropped their price target on Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Finally, JMP Securities assumed coverage on shares of Enovis in a research note on Thursday, October 3rd. They set an “outperform” rating and a $62.00 price objective for the company. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Enovis Price Performance

The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -29.89 and a beta of 1.91. The company has a current ratio of 2.26, a quick ratio of 1.08 and a debt-to-equity ratio of 0.40. The stock has a 50-day simple moving average of $42.16 and a 200 day simple moving average of $45.62.

Enovis (NYSE:ENOV) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Enovis had a negative net margin of 4.73% and a positive return on equity of 4.06%. The firm had revenue of $525.20 million for the quarter, compared to the consensus estimate of $525.99 million. During the same period in the previous year, the firm posted $0.61 earnings per share. The firm’s revenue was up 22.6% on a year-over-year basis. On average, equities research analysts forecast that Enovis Co. will post 2.7 EPS for the current fiscal year.

Institutional Trading of Enovis

Hedge funds and other institutional investors have recently modified their holdings of the company. Diamond Hill Capital Management Inc. raised its stake in shares of Enovis by 7.8% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,004,694 shares of the company’s stock worth $129,352,000 after purchasing an additional 218,660 shares in the last quarter. Royce & Associates LP lifted its stake in Enovis by 16.8% in the third quarter. Royce & Associates LP now owns 2,403,685 shares of the company’s stock valued at $103,479,000 after acquiring an additional 346,317 shares during the last quarter. American Century Companies Inc. lifted its stake in Enovis by 78.6% in the second quarter. American Century Companies Inc. now owns 1,511,871 shares of the company’s stock valued at $68,337,000 after acquiring an additional 665,208 shares during the last quarter. River Road Asset Management LLC bought a new stake in Enovis in the third quarter worth approximately $51,341,000. Finally, Magnetar Financial LLC increased its stake in shares of Enovis by 66.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,104,803 shares of the company’s stock worth $49,937,000 after purchasing an additional 442,051 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Enovis Company Profile

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.