Enovis (NYSE:ENOV) Receives “Buy” Rating from Needham & Company LLC

Enovis (NYSE:ENOV)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $65.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 38.62% from the stock’s previous close.

ENOV has been the topic of several other research reports. Evercore ISI cut their target price on Enovis from $62.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. JMP Securities assumed 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. Finally, JPMorgan Chase & Co. dropped their price objective on Enovis from $53.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. One investment 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Enovis Trading Up 8.3 %

Shares of NYSE ENOV opened at $46.89 on Thursday. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -28.25 and a beta of 1.91. Enovis has a 12-month low of $38.27 and a 12-month high of $65.03. The company has a current ratio of 2.26, a quick ratio of 1.08 and a debt-to-equity ratio of 0.40. The stock’s 50 day simple moving average is $42.19 and its 200 day simple moving average is $45.63.

Enovis (NYSE:ENOV) last announced its earnings results on Wednesday, August 7th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.03. The firm had revenue of $525.20 million for the quarter, compared to the consensus estimate of $525.99 million. Enovis had a positive return on equity of 4.06% and a negative net margin of 4.73%. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.61 EPS. Equities research analysts expect that Enovis will post 2.7 EPS for the current year.

Hedge Funds Weigh In On Enovis

Hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC acquired a new position in shares of Enovis in the 2nd quarter worth $44,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Enovis in the 3rd quarter worth $55,000. Innealta Capital LLC acquired a new position in shares of Enovis in the 2nd quarter worth $65,000. Benjamin F. Edwards & Company Inc. grew its holdings 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 worth $76,000 after acquiring an additional 371 shares during the last quarter. Finally, HBK Sorce Advisory LLC acquired a new position in shares of Enovis in the 1st quarter worth $226,000. 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.