Short Interest in Enovis Co. (NYSE:ENOV) Increases By 6.7%

Enovis Co. (NYSE:ENOV) was the recipient of a large increase in short interest during the month of 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. Approximately 8.1% of the shares of the company are sold short. Based on an average trading volume of 669,300 shares, the short-interest ratio is presently 6.6 days.

Enovis Price Performance

Shares of NYSE:ENOV traded up $1.21 during midday trading on Monday, hitting $46.68. 541,602 shares of the stock were exchanged, compared to its average volume of 559,026. Enovis has a twelve month low of $38.27 and a twelve month high of $65.03. The company has a current ratio of 2.27, a quick ratio of 1.12 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $45.85 and a 200-day moving average price of $44.35. The stock 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 released its quarterly earnings results on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. Enovis had a negative net margin of 5.95% and a positive return on equity of 4.39%. The business had revenue of $505.22 million for the quarter, compared to analyst estimates of $504.44 million. During the same period in the prior year, the business earned $0.56 earnings per share. The company’s quarterly revenue was up 21.0% on a year-over-year basis. On average, research analysts forecast that Enovis will post 2.79 earnings per share for the current year.

Hedge Funds Weigh In On Enovis

Institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. raised its stake in Enovis by 128.2% in the 4th quarter. UMB Bank n.a. now owns 778 shares of the company’s stock valued at $34,000 after purchasing an additional 437 shares during the last quarter. Pinnacle Bancorp Inc. grew its holdings in shares of Enovis by 54.5% during the fourth quarter. Pinnacle Bancorp Inc. now owns 850 shares of the company’s stock worth $37,000 after buying an additional 300 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Enovis in the third quarter valued at approximately $55,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Enovis by 28.1% in the second 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 period. Finally, FMR LLC raised its position in shares of Enovis by 20.5% in the 3rd quarter. FMR LLC now owns 2,840 shares of the company’s stock worth $122,000 after buying an additional 484 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.