Enovis (NYSE:ENOV) Trading Down 5.5% – Here’s Why

Enovis Co. (NYSE:ENOV) shares fell 5.5% during mid-day trading on Tuesday . The company traded as low as $35.14 and last traded at $35.76. 590,324 shares were traded during mid-day trading, a decline of 41% from the average session volume of 1,003,003 shares. The stock had previously closed at $37.86.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reduced their target price on Enovis from $65.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, February 27th.

Enovis Stock Performance

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 price is $44.61 and its 200-day moving average price is $44.24. The company has a market capitalization of $2.09 billion, a P/E ratio of -16.72 and a beta of 1.94.

Enovis (NYSE:ENOV) last issued its earnings results on Wednesday, February 26th. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The company had revenue of $560.98 million during the quarter, compared to the consensus estimate of $555.14 million. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. As a group, equities analysts expect that Enovis Co. will post 2.79 EPS for the current year.

Hedge Funds Weigh In On Enovis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new position in Enovis during the 4th quarter worth $29,000. Quadrant Capital Group LLC lifted its holdings in Enovis by 53.0% in the fourth quarter. Quadrant Capital Group LLC now owns 690 shares of the company’s stock worth $30,000 after purchasing an additional 239 shares during the period. UMB Bank n.a. grew its position in Enovis by 128.2% in the 4th quarter. UMB Bank n.a. now owns 778 shares of the company’s stock valued at $34,000 after buying an additional 437 shares in the last quarter. Pinnacle Bancorp Inc. grew its position in Enovis by 54.5% in the 4th quarter. Pinnacle Bancorp Inc. now owns 850 shares of the company’s stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Quarry LP increased its stake in Enovis by 506.1% during the 4th quarter. Quarry LP now owns 897 shares of the company’s stock valued at $39,000 after buying an additional 749 shares during the period. 98.45% of the stock is owned by 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.