Enovis (NYSE:ENOV) Shares Gap Down – Here’s What Happened

Enovis Co. (NYSE:ENOV) shares gapped down prior to trading on Wednesday . The stock had previously closed at $37.18, but opened at $35.81. Enovis shares last traded at $35.07, with a volume of 101,103 shares traded.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC lowered their price target on Enovis from $65.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, February 27th.

Enovis Stock Down 5.7 %

The stock has a market capitalization of $2.00 billion, a P/E ratio of -16.08 and a beta of 2.05. The business has a 50-day simple moving average of $41.68 and a two-hundred day simple moving average of $43.27. 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 (NYSE:ENOV) last announced its earnings results on Wednesday, February 26th. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $560.98 million during the quarter, compared to analysts’ expectations of $555.14 million. Enovis had a negative net margin of 5.95% and a positive return on equity of 4.39%. Equities research analysts forecast that Enovis Co. will post 2.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enovis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENOV. Aster Capital Management DIFC Ltd bought a new stake in shares of Enovis during the fourth quarter worth $29,000. Quadrant Capital Group LLC raised its stake in shares of Enovis by 53.0% in the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the company’s stock valued at $30,000 after purchasing an additional 239 shares during the period. UMB Bank n.a. lifted its holdings in shares of Enovis by 128.2% in the fourth quarter. UMB Bank n.a. now owns 778 shares of the company’s stock valued at $34,000 after purchasing an additional 437 shares in the last quarter. Pinnacle Bancorp Inc. lifted its holdings in shares of Enovis by 54.5% in the fourth quarter. Pinnacle Bancorp Inc. now owns 850 shares of the company’s stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Enovis by 506.1% during the fourth quarter. Quarry LP now owns 897 shares of the company’s stock worth $39,000 after buying an additional 749 shares in the last quarter. 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.