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

Enovis Co. (NYSE:ENOV) was the recipient of a significant growth in short interest during the month of 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 volume of 640,400 shares, the short-interest ratio is presently 7.4 days. Currently, 8.6% of the company’s stock are sold short.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. increased its position in Enovis by 7.8% during the third quarter. Diamond Hill Capital Management Inc. now owns 3,004,694 shares of the company’s stock worth $129,352,000 after acquiring an additional 218,660 shares during the period. Royce & Associates LP increased its holdings in shares of Enovis by 16.8% during the third quarter. Royce & Associates LP now owns 2,403,685 shares of the company’s stock worth $103,479,000 after purchasing an additional 346,317 shares during the period. State Street Corp increased its holdings in shares of Enovis by 4.3% during the third quarter. State Street Corp now owns 1,647,220 shares of the company’s stock worth $70,913,000 after purchasing an additional 68,190 shares during the period. American Century Companies Inc. raised its position in shares of Enovis by 78.6% in the second quarter. American Century Companies Inc. now owns 1,511,871 shares of the company’s stock valued at $68,337,000 after buying an additional 665,208 shares in the last quarter. Finally, River Road Asset Management LLC bought a new stake in shares of Enovis in the third quarter valued at approximately $51,341,000. Institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

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

Enovis Price Performance

ENOV traded up $0.22 on Tuesday, reaching $45.76. The company had a trading volume of 34,792 shares, compared to its average volume of 579,322. The company has a quick ratio of 1.12, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. Enovis has a fifty-two week low of $38.27 and a fifty-two week high of $65.03. The company’s fifty day moving average is $42.44 and its 200 day moving average is $45.12.

Enovis (NYSE:ENOV) last posted its earnings results on Wednesday, November 6th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.62 by $0.11. The company had revenue of $505.22 million for 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%. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 earnings per share. On average, analysts forecast that Enovis will post 2.79 earnings per share for the current year.

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.