Enovis Co. (NYSE:ENOV) Sees Significant Growth in Short Interest

Enovis Co. (NYSE:ENOV) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 4,760,000 shares, a growth of 7.2% from the October 15th total of 4,440,000 shares. Based on an average daily trading volume, of 640,400 shares, the days-to-cover ratio is currently 7.4 days. Currently, 8.6% of the shares of the stock are short sold.

Enovis Price Performance

Shares of NYSE:ENOV remained flat at $45.54 during trading on Tuesday. The stock had a trading volume of 50,669 shares, compared to its average volume of 579,393. Enovis has a one year low of $38.27 and a one year high of $65.03. The company has a fifty day moving average price of $42.44 and a two-hundred day moving average price of $45.12. The company has a current ratio of 2.27, a quick ratio of 1.12 and a debt-to-equity ratio of 0.40.

Enovis (NYSE:ENOV) last posted its earnings results on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.62 by $0.11. The business had revenue of $505.22 million during the quarter, compared to the consensus estimate of $504.44 million. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. Enovis’s revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the company earned $0.56 EPS. Sell-side analysts predict that Enovis will post 2.79 earnings per share for the current year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Enovis

Institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC bought a new position in Enovis in the 2nd quarter valued at $44,000. DekaBank Deutsche Girozentrale bought a new position in Enovis in the 3rd quarter valued at $55,000. Innealta Capital LLC bought a new stake in shares of Enovis during the second quarter worth $65,000. Benjamin F. Edwards & Company Inc. raised its position in shares of Enovis by 28.1% during the second 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, FMR LLC grew its stake in shares of 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 period. Institutional investors own 98.45% of the company’s stock.

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.