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 in 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 shares of the company are sold short.

Enovis Price Performance

NYSE:ENOV traded up $0.52 during mid-day trading on Monday, hitting $49.33. 574,531 shares of the company’s stock traded hands, 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 company has a market cap of $2.76 billion, a PE 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 firm’s 50 day simple moving average is $43.29 and its 200 day simple moving average is $44.78.

Enovis (NYSE:ENOV) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.73 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 during the quarter, compared to analysts’ expectations of $504.44 million. During the same quarter last year, the business posted $0.56 EPS. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. Sell-side analysts expect that Enovis will post 2.79 EPS for the current year.

Hedge Funds Weigh In On Enovis

Institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC purchased a new position in Enovis during the second quarter worth about $44,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Enovis during the 3rd quarter worth about $55,000. Innealta Capital LLC acquired a new stake in shares of Enovis in the second quarter worth approximately $65,000. Benjamin F. Edwards & Company Inc. grew its holdings in Enovis by 28.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,691 shares of the company’s stock valued at $76,000 after purchasing an additional 371 shares during the period. Finally, FMR LLC increased its position in Enovis by 20.5% during the third quarter. FMR LLC now owns 2,840 shares of the company’s stock worth $122,000 after purchasing an additional 484 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analyst Ratings Changes

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

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.