Enovis Co. (NYSE:ENOV) Short Interest Up 7.2% in October

Enovis Co. (NYSE:ENOV) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 4,760,000 shares, an increase of 7.2% from the October 15th total of 4,440,000 shares. Based on an average trading volume of 640,400 shares, the days-to-cover ratio is presently 7.4 days. Approximately 8.6% of the company’s stock are sold short.

Enovis Price Performance

NYSE ENOV traded up $0.15 during trading hours on Tuesday, hitting $45.69. 17,491 shares of the company’s stock traded hands, compared to its average volume of 579,245. The company has a quick ratio of 1.12, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average is $42.44 and its 200-day moving average is $45.12. Enovis has a 52-week low of $38.27 and a 52-week high of $65.03.

Enovis (NYSE:ENOV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, topping the consensus estimate 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 business had revenue of $505.22 million for the quarter, compared to analyst estimates of $504.44 million. During the same quarter in the previous year, the firm earned $0.56 EPS. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. As a group, research analysts anticipate that Enovis will post 2.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC boosted its stake in Enovis by 18.6% during 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 period. Envestnet Portfolio Solutions Inc. grew its position in Enovis by 21.0% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 6,272 shares of the company’s stock valued at $392,000 after acquiring an additional 1,087 shares in the last quarter. Swiss National Bank increased its stake in 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 buying an additional 300 shares during the period. US Bancorp DE raised its stake in shares of Enovis by 3.5% in the first quarter. US Bancorp DE now owns 13,043 shares of the company’s stock valued at $815,000 after acquiring an additional 447 shares in the last quarter. Finally, Pitcairn Co. raised its position in Enovis by 6.8% in the 1st quarter. Pitcairn Co. now owns 6,036 shares of the company’s stock valued at $377,000 after purchasing an additional 386 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. JMP Securities began coverage on shares of Enovis in a report on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Enovis from $53.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Evercore ISI dropped their target price on Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Enovis in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Enovis presently has an average rating of “Moderate Buy” and an average target price of $67.00.

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.