Short Interest in Enovis Co. (NYSE:ENOV) Grows By 6.7%

Enovis Co. (NYSE:ENOV) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 4,450,000 shares, a growth of 6.7% from the December 15th total of 4,170,000 shares. Based on an average trading volume of 669,300 shares, the short-interest ratio is presently 6.6 days. Approximately 8.1% of the shares of the company are short sold.

Enovis Stock Performance

Shares of NYSE:ENOV traded up $1.21 during trading on Friday, hitting $46.68. 541,602 shares of the stock were exchanged, compared to its average volume of 559,026. The company’s fifty day simple moving average is $45.85 and its 200-day simple moving average is $44.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.12 and a current ratio of 2.27. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of -21.32 and a beta of 1.94. Enovis has a 1-year low of $38.27 and a 1-year high of $65.03.

Enovis (NYSE:ENOV) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, topping 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 company had revenue of $505.22 million during the quarter, compared to the consensus estimate of $504.44 million. During the same period last year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. Sell-side analysts expect that Enovis will post 2.79 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ENOV shares. Evercore ISI reduced their price objective on shares of Enovis from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. JMP Securities assumed coverage on shares of Enovis in a research report on Thursday, October 3rd. They set an “outperform” rating and a $62.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Enovis in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ENOV. Janney Montgomery Scott LLC raised its holdings in shares of Enovis by 198.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 20,416 shares of the company’s stock valued at $896,000 after buying an additional 13,586 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Enovis in the fourth quarter worth about $757,000. UMB Bank n.a. lifted its position in shares of Enovis by 128.2% during the fourth quarter. UMB Bank n.a. now owns 778 shares of the company’s stock worth $34,000 after purchasing an additional 437 shares in the last quarter. Ellsworth Advisors LLC bought a new stake in shares of Enovis during the fourth quarter valued at approximately $653,000. Finally, Artemis Investment Management LLP increased its holdings in shares of Enovis by 35.4% in the fourth quarter. Artemis Investment Management LLP now owns 665,868 shares of the company’s stock valued at $29,218,000 after purchasing an additional 174,116 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.