Enovis (NYSE:ENOV) Shares Gap Up – Time to Buy?

Shares of Enovis Co. (NYSE:ENOV) gapped up prior to trading 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

Several equities research analysts recently commented on ENOV shares. JMP Securities assumed 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. Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Enovis in a report on Thursday, November 7th. 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 note on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Enovis presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Enovis Stock Down 2.0 %

The company has a quick ratio of 1.12, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $45.78 and a 200 day simple moving average of $44.33. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -20.49 and a beta of 1.94.

Enovis (NYSE:ENOV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.73 earnings per share (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 during the quarter, compared to the consensus estimate of $504.44 million. During the same quarter last year, the firm posted $0.56 EPS. Enovis’s revenue was up 21.0% compared to the same quarter last year. As a group, analysts expect that Enovis Co. will post 2.79 earnings per share for the current fiscal year.

Institutional Trading of Enovis

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. River Road Asset Management LLC purchased a new position in Enovis during the third quarter worth about $51,341,000. 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 worth $68,337,000 after buying an additional 665,208 shares during the last quarter. Magnetar Financial LLC grew its holdings in shares of Enovis by 66.7% in the second quarter. Magnetar Financial LLC now owns 1,104,803 shares of the company’s stock valued at $49,937,000 after acquiring an additional 442,051 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Enovis by 14.5% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,786,034 shares of the company’s stock valued at $125,929,000 after acquiring an additional 352,116 shares during the last quarter. Finally, Royce & Associates LP increased its position 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 acquiring an additional 346,317 shares during the last quarter. 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.