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

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 traded.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ENOV. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of Enovis in a research note on Thursday, November 7th. JMP Securities initiated coverage on shares of Enovis in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 price objective on the stock. Finally, Evercore ISI lowered their price objective 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. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Enovis presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Enovis Stock Performance

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 firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -20.49 and a beta of 1.94. The stock’s 50-day moving average is $45.78 and its 200-day moving average is $44.33.

Enovis (NYSE:ENOV) last announced its quarterly 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 analysts’ expectations of $504.44 million. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. Enovis’s revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.56 EPS. On average, analysts predict that Enovis Co. will post 2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovis

Institutional investors have recently added to or reduced their stakes in the business. Diamond Hill Capital Management Inc. raised 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 acquiring an additional 218,660 shares during the last quarter. Royce & Associates LP raised its holdings in 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 purchasing an additional 346,317 shares during the last quarter. State Street Corp lifted its position 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 worth $70,913,000 after purchasing an additional 68,190 shares during the period. American Century Companies Inc. boosted its stake in shares of Enovis by 78.6% in the 2nd quarter. American Century Companies Inc. now owns 1,511,871 shares of the company’s stock valued at $68,337,000 after purchasing an additional 665,208 shares during the last quarter. Finally, River Road Asset Management LLC acquired a new stake in shares of Enovis during the third quarter worth $51,341,000. 98.45% of the stock is owned by 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.