Enovis (NYSE:ENOV) Reaches New 52-Week Low Following Analyst Downgrade

Enovis Co. (NYSE:ENOV) shares hit a new 52-week low during mid-day trading on Thursday after Needham & Company LLC lowered their price target on the stock from $65.00 to $64.00. Needham & Company LLC currently has a buy rating on the stock. Enovis traded as low as $38.17 and last traded at $38.25, with a volume of 725459 shares changing hands. The stock had previously closed at $40.00.

Institutional Trading of Enovis

Several hedge funds have recently bought and sold shares of ENOV. McIlrath & Eck LLC acquired a new stake in Enovis in the 4th quarter valued at $152,000. CSS LLC IL bought a new position in shares of Enovis during the fourth quarter worth approximately $434,000. Paradigm Capital Management Inc. NY grew its holdings in shares of Enovis by 2,566.0% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 533,200 shares of the company’s stock worth $23,397,000 after purchasing an additional 513,200 shares in the last quarter. Woodline Partners LP raised its position in shares of Enovis by 64.2% in the 4th quarter. Woodline Partners LP now owns 195,408 shares of the company’s stock valued at $8,575,000 after buying an additional 76,408 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Enovis by 231.9% during the 4th quarter. Squarepoint Ops LLC now owns 157,006 shares of the company’s stock worth $6,889,000 after buying an additional 109,707 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Enovis Stock Performance

The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -17.42 and a beta of 1.94. 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 stock’s 50-day moving average is $44.90 and its 200-day moving average is $44.34.

Enovis (NYSE:ENOV) last released its earnings results on Wednesday, February 26th. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. Enovis had a negative net margin of 5.95% and a positive return on equity of 4.39%. The business had revenue of $560.98 million during the quarter, compared to the consensus estimate of $555.14 million. On average, analysts predict that Enovis Co. 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.