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

Enovis Co. (NYSE:ENOV) was the target of a large increase in short interest in the month of April. As of April 30th, there was short interest totalling 4,440,000 shares, an increase of 6.5% from the April 15th total of 4,170,000 shares. Based on an average daily volume of 491,000 shares, the days-to-cover ratio is presently 9.0 days. Currently, 8.2% of the company’s shares are sold short.

Analyst Ratings Changes

Several analysts recently issued reports on ENOV shares. UBS Group started coverage on shares of Enovis in a report on Monday, January 22nd. They issued a “buy” rating and a $75.00 price objective on the stock. Wells Fargo & Company boosted their price target on shares of Enovis from $73.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Stephens initiated coverage on shares of Enovis in a research report on Tuesday, February 13th. They set an “overweight” rating and a $72.00 price objective for the company. Canaccord Genuity Group boosted their target price on Enovis from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Enovis in a research note on Friday, May 3rd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $75.43.

Enovis Stock Up 0.4 %

ENOV stock traded up $0.21 during midday trading on Friday, hitting $52.41. The company’s stock had a trading volume of 335,780 shares, compared to its average volume of 655,043. The firm has a 50-day simple moving average of $57.18 and a 200-day simple moving average of $56.12. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.03 and a current ratio of 2.10. Enovis has a 52-week low of $43.04 and a 52-week high of $66.14.

Enovis (NYSE:ENOV) last released its earnings results on Thursday, May 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. Enovis had a positive return on equity of 3.98% and a negative net margin of 4.51%. The firm had revenue of $516.00 million during the quarter, compared to analyst estimates of $505.62 million. During the same period last year, the business posted $0.44 earnings per share. Enovis’s revenue was up 27.0% compared to the same quarter last year. As a group, equities analysts predict that Enovis will post 2.62 EPS for the current year.

Hedge Funds Weigh In On Enovis

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Enovis by 13.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,986 shares of the company’s stock worth $474,000 after acquiring an additional 1,037 shares during the last quarter. Strs Ohio lifted its position in shares of Enovis by 16.5% during the 3rd quarter. Strs Ohio now owns 16,558 shares of the company’s stock worth $873,000 after purchasing an additional 2,342 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of Enovis during the third quarter worth $204,000. Fifth Third Bancorp grew its stake in shares of Enovis by 144.6% during the third quarter. Fifth Third Bancorp now owns 587 shares of the company’s stock worth $31,000 after purchasing an additional 347 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in Enovis by 9.9% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,429,173 shares of the company’s stock valued at $128,090,000 after buying an additional 219,659 shares during the last quarter. Hedge funds and other 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.