Enovis (NYSE:ENOV) Shares Up 5.5% - Time to Buy?

Enovis Co. (NYSE:ENOV - Get Free Report) shot up 5.5% during mid-day trading on Wednesday . The stock traded as high as $42.72 and last traded at $42.72. 287,648 shares were traded during trading, a decline of 49% from the average session volume of 564,329 shares. The stock had previously closed at $40.51.

Wall Street Analyst Weigh In

ENOV has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price objective on Enovis from $53.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, August 8th. Evercore ISI decreased their price target on Enovis from $62.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 1st. Needham & Company LLC dropped their price objective on Enovis from $82.00 to $65.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Finally, JMP Securities initiated coverage on shares of Enovis in a report on Thursday, October 3rd. They issued an "outperform" rating and a $62.00 target price on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Enovis Price Performance

The firm's 50-day moving average is $42.43 and its 200-day moving average is $46.10. The company has a quick ratio of 1.08, a current ratio of 2.26 and a debt-to-equity ratio of 0.40. The company has a market cap of $2.35 billion, a PE ratio of -25.78 and a beta of 1.91.

Enovis (NYSE:ENOV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03. Enovis had a positive return on equity of 4.06% and a negative net margin of 4.73%. The company had revenue of $525.20 million for the quarter, compared to analysts' expectations of $525.99 million. During the same period in the prior year, the firm earned $0.61 earnings per share. The firm's revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities analysts anticipate that Enovis Co. will post 2.7 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Fidelis Capital Partners LLC bought a new stake in Enovis in the first quarter worth $34,000. Ridgewood Investments LLC purchased a new stake in Enovis during the 2nd quarter valued at about $44,000. DekaBank Deutsche Girozentrale bought a new stake in Enovis during the 3rd quarter valued at about $55,000. Innealta Capital LLC purchased a new position in Enovis in the second quarter worth about $65,000. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Enovis by 28.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,691 shares of the company's stock worth $76,000 after buying an additional 371 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other 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.