Enovis (NYSE:ENOV) Shares Gap Up - Here's What Happened

Enovis Co. (NYSE:ENOV - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $44.76, but opened at $45.69. Enovis shares last traded at $45.33, with a volume of 80,193 shares changing hands.

Analyst Upgrades and Downgrades

ENOV has been the topic of several research analyst reports. JMP Securities initiated coverage on Enovis in a research note on Thursday, October 3rd. They issued an "outperform" rating and a $62.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $65.00 price target on shares of Enovis in a report on Thursday, November 7th. Finally, Evercore ISI decreased their price objective on shares of Enovis from $62.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Enovis Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.12. The stock's 50-day moving average price is $45.62 and its 200-day moving average price is $44.31. The company has a market cap of $2.56 billion, a P/E ratio of -20.93 and a beta of 1.94.

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

Hedge Funds Weigh In On Enovis

A number of hedge funds have recently added to or reduced their stakes in the stock. River Road Asset Management LLC acquired a new position in shares of Enovis during the 3rd quarter worth $51,341,000. American Century Companies Inc. grew its position in Enovis by 78.6% in the second quarter. American Century Companies Inc. now owns 1,511,871 shares of the company's stock valued at $68,337,000 after acquiring an additional 665,208 shares during the last quarter. Magnetar Financial LLC raised its stake in Enovis by 66.7% during the second quarter. Magnetar Financial LLC now owns 1,104,803 shares of the company's stock worth $49,937,000 after acquiring an additional 442,051 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Enovis by 14.5% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,786,034 shares of the company's stock worth $125,929,000 after acquiring an additional 352,116 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Enovis by 16.8% in the 3rd quarter. Royce & Associates LP now owns 2,403,685 shares of the company's stock valued at $103,479,000 after purchasing an additional 346,317 shares in the last quarter. Institutional investors 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.