Enovis’ (ENOV) Buy Rating Reaffirmed at Needham & Company LLC

Enovis (NYSE:ENOV)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $65.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 38.62% from the company’s previous close.

A number of other brokerages also recently commented on ENOV. Evercore ISI lowered their target price on Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. JMP Securities initiated coverage on Enovis in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their target price on Enovis from $53.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Enovis Stock Performance

Shares of ENOV stock opened at $46.89 on Thursday. Enovis has a 1-year low of $38.27 and a 1-year high of $65.03. The company has a current ratio of 2.26, a quick ratio of 1.08 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -28.25 and a beta of 1.91. The stock’s fifty day simple moving average is $42.19 and its 200-day simple moving average is $45.63.

Enovis (NYSE:ENOV) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Enovis had a positive return on equity of 4.06% and a negative net margin of 4.73%. The business had revenue of $525.20 million for the quarter, compared to the consensus estimate of $525.99 million. During the same quarter in the previous year, the company posted $0.61 earnings per share. Enovis’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, sell-side analysts predict that Enovis will post 2.7 earnings per share for the current fiscal year.

Institutional Trading of Enovis

A number of institutional investors and hedge funds have recently made changes to their positions in ENOV. Janney Montgomery Scott LLC lifted its position in shares of Enovis by 18.6% in the first quarter. Janney Montgomery Scott LLC now owns 4,879 shares of the company’s stock worth $305,000 after buying an additional 765 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Enovis by 2.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 43,480 shares of the company’s stock worth $2,715,000 after purchasing an additional 932 shares during the last quarter. Duality Advisers LP lifted its position in shares of Enovis by 76.5% during the 1st quarter. Duality Advisers LP now owns 9,336 shares of the company’s stock worth $583,000 after purchasing an additional 4,045 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Enovis by 21.0% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,272 shares of the company’s stock worth $392,000 after purchasing an additional 1,087 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Enovis by 0.3% during the 1st quarter. Swiss National Bank now owns 97,000 shares of the company’s stock worth $6,058,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.