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

Enovis Co. (NYSE:ENOV) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 4,450,000 shares, a growth of 6.7% from the December 31st total of 4,170,000 shares. Approximately 8.1% of the shares of the stock are sold short. Based on an average daily volume of 669,300 shares, the short-interest ratio is presently 6.6 days.

Hedge Funds Weigh In On Enovis

Several institutional investors and hedge funds have recently bought and sold shares of ENOV. River Road Asset Management LLC purchased a new stake in shares of Enovis during the 3rd quarter valued at $51,341,000. Royce & Associates LP raised its holdings in shares of Enovis by 16.8% in 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 period. Diamond Hill Capital Management Inc. lifted its stake in shares of Enovis by 7.8% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,004,694 shares of the company’s stock valued at $129,352,000 after purchasing an additional 218,660 shares in the last quarter. Artemis Investment Management LLP increased its position in Enovis by 35.4% during the 4th quarter. Artemis Investment Management LLP now owns 665,868 shares of the company’s stock worth $29,218,000 after purchasing an additional 174,116 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its holdings in Enovis by 6.0% in the fourth quarter. DAVENPORT & Co LLC now owns 2,782,341 shares of the company’s stock valued at $121,181,000 after buying an additional 157,216 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

Enovis Trading Up 1.4 %

Shares of Enovis stock traded up $0.62 during trading hours on Tuesday, reaching $45.89. 100,591 shares of the company’s stock were exchanged, compared to its average volume of 1,162,249. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -20.99 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. Enovis has a 52-week low of $38.27 and a 52-week high of $65.03. The company has a fifty day moving average of $46.04 and a 200-day moving average of $44.50.

Enovis (NYSE:ENOV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.11. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. The firm had revenue of $505.22 million for the quarter, compared to analyst estimates of $504.44 million. During the same period last year, the company earned $0.56 EPS. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. Sell-side analysts forecast that Enovis will post 2.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Enovis in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.86.

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.