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

Enovis Co. (NYSE:ENOV)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $44.76, but opened at $45.69. Enovis shares last traded at $45.33, with a volume of 80,193 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on ENOV shares. JMP Securities initiated coverage on Enovis in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 price objective on the stock. Evercore ISI lowered their price target on shares of Enovis from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. Finally, Needham & Company LLC restated a “buy” rating and issued a $65.00 price objective on shares of Enovis in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Enovis currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Enovis Price Performance

The company’s 50 day simple moving average is $45.62 and its 200 day simple moving average is $44.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.12. The stock has a market cap of $2.56 billion, a P/E ratio of -20.89 and a beta of 1.94.

Enovis (NYSE:ENOV) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. The business had revenue of $505.22 million during the quarter, compared to analysts’ expectations of $504.44 million. Enovis had a negative net margin of 5.95% and a positive return on equity of 4.39%. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.56 EPS. As a group, equities analysts forecast that Enovis Co. will post 2.79 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Diamond Hill Capital Management Inc. lifted its position in shares of Enovis by 7.8% in the third 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 boosted its stake in shares of Enovis by 16.8% during the 3rd quarter. Royce & Associates LP now owns 2,403,685 shares of the company’s stock worth $103,479,000 after buying an additional 346,317 shares during the last quarter. State Street Corp grew its holdings in shares of Enovis by 4.3% in the 3rd quarter. State Street Corp now owns 1,647,220 shares of the company’s stock valued at $70,913,000 after acquiring an additional 68,190 shares in the last quarter. American Century Companies Inc. increased its position in shares of 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. Finally, River Road Asset Management LLC bought a new stake in Enovis during the third quarter worth about $51,341,000. Institutional investors and hedge funds 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.