Short Interest in Enovis Co. (NYSE:ENOV) Drops By 7.1%

Enovis Co. (NYSE:ENOV) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 4,420,000 shares, a decline of 7.1% from the October 31st total of 4,760,000 shares. Based on an average trading volume of 655,100 shares, the short-interest ratio is currently 6.7 days. Currently, 8.0% of the company’s shares are short sold.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC acquired a new stake in shares of Enovis in the second quarter worth approximately $44,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Enovis during the 3rd quarter worth $55,000. Innealta Capital LLC purchased a new position in shares of Enovis in the 2nd quarter worth $65,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Enovis by 28.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,691 shares of the company’s stock valued at $76,000 after acquiring an additional 371 shares during the last quarter. Finally, FMR LLC increased its stake in Enovis by 20.5% during the third quarter. FMR LLC now owns 2,840 shares of the company’s stock worth $122,000 after acquiring an additional 484 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Enovis Stock Performance

Shares of ENOV traded down $0.29 during mid-day trading on Tuesday, reaching $49.04. The company’s stock had a trading volume of 725,149 shares, compared to its average volume of 632,457. The company’s 50 day moving average is $43.29 and its 200 day moving average is $44.78. Enovis has a 12-month low of $38.27 and a 12-month high of $65.03. The company has a current ratio of 2.27, a quick ratio of 1.12 and a debt-to-equity ratio of 0.40.

Enovis (NYSE:ENOV) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.11. The company had revenue of $505.22 million during the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.56 earnings per share. Equities analysts anticipate that Enovis will post 2.79 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Enovis in a research report on Thursday, November 7th. JMP Securities assumed coverage on shares of Enovis in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $62.00 price objective for the company. Evercore ISI cut their target price 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, JPMorgan Chase & Co. dropped their price target on shares of Enovis from $53.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. 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 presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

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.