Enovis (NYSE:ENOV) Shares Gap Up After Better-Than-Expected Earnings

Enovis Corporation (NYSE:ENOV)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $24.42, but opened at $28.43. Enovis shares last traded at $28.1330, with a volume of 421,366 shares trading hands.

The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.11. Enovis had a negative net margin of 47.96% and a positive return on equity of 12.03%. The business had revenue of $558.73 million during the quarter, compared to analysts’ expectations of $557.12 million. During the same period last year, the company posted $0.75 EPS. The business’s revenue was up 1.8% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research firms recently commented on ENOV. Wall Street Zen upgraded Enovis from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Wells Fargo & Company decreased their price objective on Enovis from $39.00 to $33.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Citizens Jmp lowered their price objective on Enovis from $55.00 to $47.00 and set a “market outperform” rating for the company in a research note on Wednesday, September 2nd. Zacks Research raised Enovis from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Finally, Needham & Company LLC dropped their target price on Enovis from $52.00 to $34.00 and set a “buy” rating for the company in a report on Monday, October 12th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Enovis has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Insider Activity at Enovis

In other Enovis news, insider Oliver Engert acquired 2,660 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was bought at an average price of $18.80 per share, for a total transaction of $50,008.00. Following the acquisition, the insider directly owned 63,898 shares in the company, valued at $1,201,282.40. The trade was a 4.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Damien Mcdonald acquired 13,035 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average price of $19.15 per share, with a total value of $249,620.25. Following the acquisition, the chief executive officer owned 247,077 shares in the company, valued at $4,731,524.55. This trade represents a 5.57% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 23,293 shares of company stock worth $449,599. Company insiders own 2.90% of the company’s stock.

Institutional Trading of Enovis

A number of hedge funds and other institutional investors have recently bought and sold shares of ENOV. Paradigm Capital Management Inc. NY bought a new stake in shares of Enovis during the second quarter worth $28,533,000. Bank of America Corp DE bought a new position in shares of Enovis in the second quarter worth about $11,502,000. Private Management Group Inc. grew its holdings in shares of Enovis by 31.3% in the third quarter. Private Management Group Inc. now owns 1,792,429 shares of the company’s stock worth $32,748,000 after purchasing an additional 427,347 shares during the last quarter. Man Group plc purchased a new position in Enovis in the 2nd quarter worth about $8,711,000. Finally, Front Street Capital Management Inc. increased its stake in Enovis by 106.1% in the 1st quarter. Front Street Capital Management Inc. now owns 746,056 shares of the company’s stock worth $16,973,000 after buying an additional 384,124 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Enovis Stock Up 16.4%

The business’s fifty day moving average is $19.79 and its two-hundred day moving average is $23.05. The company has a market cap of $1.64 billion, a P/E ratio of -1.48 and a beta of 1.31. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.00 and a current ratio of 1.98.

Enovis Company Profile

Enovis Corporation (NYSE: ENOV) is a medical technology company that develops, manufactures and distributes products designed to improve patient recovery, mobility and quality of life. Its portfolio serves orthopedic, sports medicine, physical therapy and rehabilitation markets, as well as other areas of musculoskeletal care.

The company’s products include orthopedic implants and surgical technologies, braces and supports, cold and compression therapy systems, electrotherapy and rehabilitation equipment, and other solutions used by hospitals, surgeons, physical therapists, athletic trainers and patients.