Enovis Co. (NYSE:ENOV) Short Interest Up 6.7% in December

Enovis Co. (NYSE:ENOV) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 4,450,000 shares, an increase of 6.7% from the December 15th total of 4,170,000 shares. Currently, 8.1% of the company’s shares are sold short. Based on an average daily volume of 669,300 shares, the days-to-cover ratio is currently 6.6 days.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Enovis in a research report on Thursday, November 7th. Evercore ISI reduced their target price on shares of Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Finally, JMP Securities started coverage on Enovis in a report on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. boosted its position in shares of Enovis by 7.8% during the third quarter. Diamond Hill Capital Management Inc. now owns 3,004,694 shares of the company’s stock worth $129,352,000 after buying an additional 218,660 shares during the period. Royce & Associates LP raised its stake in shares of Enovis by 16.8% during the third quarter. Royce & Associates LP now owns 2,403,685 shares of the company’s stock valued at $103,479,000 after purchasing an additional 346,317 shares in the last quarter. State Street Corp raised its stake in shares of Enovis by 4.3% during the third quarter. State Street Corp now owns 1,647,220 shares of the company’s stock valued at $70,913,000 after purchasing an additional 68,190 shares in the last quarter. River Road Asset Management LLC acquired a new stake in Enovis in the third quarter worth about $51,341,000. Finally, Magnetar Financial LLC grew its position in Enovis by 66.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,104,803 shares of the company’s stock valued at $49,937,000 after buying an additional 442,051 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors.

Enovis Stock Performance

Shares of NYSE ENOV traded up $1.21 during midday trading on Monday, hitting $46.68. The company’s stock had a trading volume of 541,602 shares, compared to its average volume of 559,026. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.12 and a current ratio of 2.27. Enovis has a 1-year low of $38.27 and a 1-year high of $65.03. The firm’s fifty day moving average price is $45.85 and its 200-day moving average price is $44.35. The firm has a market cap of $2.61 billion, a P/E ratio of -21.32 and a beta of 1.94.

Enovis (NYSE:ENOV) last issued its earnings results on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. The company had revenue of $505.22 million during the quarter, compared to the consensus estimate of $504.44 million. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. Enovis’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, sell-side analysts forecast that Enovis will post 2.79 EPS for the current fiscal year.

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.