Short Interest in Enovis Co. (NYSE:ENOV) Grows By 7.2%

Enovis Co. (NYSE:ENOV - Get Free Report) was the recipient of a large 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. Approximately 8.6% of the shares of the stock are sold short. Based on an average trading volume of 640,400 shares, the days-to-cover ratio is presently 7.4 days.

Analyst Upgrades and Downgrades

ENOV has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and issued a $65.00 price target on shares of Enovis in a research report on Thursday, November 7th. 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. JPMorgan Chase & Co. decreased their price objective 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. Finally, JMP Securities initiated 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. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Enovis Price Performance

NYSE:ENOV traded down $0.28 on Tuesday, hitting $45.26. The company had a trading volume of 459,709 shares, compared to its average volume of 581,219. Enovis has a 52 week low of $38.27 and a 52 week high of $65.03. 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 has a market capitalization of $2.53 billion, a price-to-earnings ratio of -20.67 and a beta of 1.91. The firm has a 50 day moving average of $42.54 and a two-hundred day moving average of $45.04.

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

Hedge Funds Weigh In On Enovis

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENOV. Ridgewood Investments LLC bought a new stake in shares of Enovis in the 2nd quarter valued at $44,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Enovis during the third quarter valued at about $55,000. Innealta Capital LLC bought a new position in shares of Enovis during the 2nd quarter worth about $65,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Enovis by 28.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,691 shares of the company's stock valued at $76,000 after buying an additional 371 shares during the period. Finally, FMR LLC increased its position in Enovis by 20.5% in the 3rd quarter. FMR LLC now owns 2,840 shares of the company's stock valued at $122,000 after buying an additional 484 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.