Short Interest in Enovis Co. (NYSE:ENOV) Declines By 7.1%

Enovis Co. (NYSE:ENOV) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 4,420,000 shares, a drop of 7.1% from the October 31st total of 4,760,000 shares. Based on an average daily volume of 655,100 shares, the short-interest ratio is presently 6.7 days. Currently, 8.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ENOV shares. Evercore ISI reduced their price objective on shares of Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price target on shares of Enovis from $53.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. JMP Securities began coverage on shares of Enovis in a research report on Thursday, October 3rd. They set an “outperform” rating and a $62.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Enovis in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Enovis Stock Up 1.1 %

NYSE ENOV traded up $0.52 during trading on Monday, reaching $49.33. 574,531 shares of the company’s stock were exchanged, compared to its average volume of 581,018. Enovis has a 1 year low of $38.27 and a 1 year high of $65.03. The stock has a market cap of $2.76 billion, a P/E ratio of -22.53 and a beta of 1.91. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.12 and a current ratio of 2.27. The company has a 50 day moving average price of $43.29 and a two-hundred day moving average price of $44.78.

Enovis (NYSE:ENOV) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $505.22 million during the quarter, compared to the consensus estimate of $504.44 million. Enovis had a negative net margin of 5.95% and a positive return on equity of 4.39%. The company’s revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.56 EPS. On average, equities research analysts anticipate that Enovis will post 2.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovis

A number of hedge funds have recently modified their holdings of ENOV. River Road Asset Management LLC purchased a new position in shares of Enovis during the third quarter worth about $51,341,000. American Century Companies Inc. grew 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. Magnetar Financial LLC increased 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 purchasing an additional 442,051 shares during the period. Diamond Hill Capital Management Inc. raised its stake 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 worth $125,929,000 after purchasing an additional 352,116 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings 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 worth $103,479,000 after purchasing an additional 346,317 shares during the period. 98.45% of the stock is currently owned by hedge funds and other 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.