Enovis (NYSE:ENOV) Shares Gap Up – Here’s Why

Enovis Co. (NYSE:ENOV) shares 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 trading hands.

Wall Street Analysts Forecast Growth

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

Enovis Trading Up 2.2 %

The business has a fifty day moving average price of $45.62 and a 200 day moving average price of $44.31. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -20.89 and a beta of 1.94. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.12.

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

Institutional Investors Weigh In On Enovis

Several institutional investors and hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. raised its position in Enovis by 28.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,691 shares of the company’s stock valued at $76,000 after purchasing an additional 371 shares during the last quarter. Aigen Investment Management LP raised its holdings in shares of Enovis by 5.1% in the third quarter. Aigen Investment Management LP now owns 8,859 shares of the company’s stock valued at $381,000 after buying an additional 430 shares during the last quarter. FMR LLC lifted its position in Enovis by 20.5% during the 3rd quarter. FMR LLC now owns 2,840 shares of the company’s stock worth $122,000 after buying an additional 484 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Enovis by 20.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,482 shares of the company’s stock worth $279,000 after acquiring an additional 1,115 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Enovis in the 3rd quarter valued at about $55,000. 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.