Enovis (NYSE:ENOV) Hits New 1-Year Low – Should You Sell?

Enovis Co. (NYSE:ENOV)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $39.83 and last traded at $39.85, with a volume of 488553 shares changing hands. The stock had previously closed at $40.84.

Wall Street Analyst Weigh In

Several research firms have issued reports on ENOV. Needham & Company LLC cut their price objective on Enovis from $82.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Evercore ISI reduced their target price on Enovis from $62.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday. JMP Securities initiated coverage on Enovis in a report on Thursday. They set an “outperform” rating and a $62.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enovis from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.89.

Enovis Stock Performance

The company has a quick ratio of 1.08, a current ratio of 2.26 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $44.17 and a 200 day moving average of $48.92. The stock has a market capitalization of $2.19 billion, a P/E ratio of -27.23 and a beta of 1.92.

Enovis (NYSE:ENOV) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. Enovis had a positive return on equity of 4.06% and a negative net margin of 4.73%. The business had revenue of $525.20 million for the quarter, compared to analyst estimates of $525.99 million. During the same quarter in the previous year, the firm earned $0.61 EPS. Enovis’s quarterly revenue was up 22.6% on a year-over-year basis. Research analysts anticipate that Enovis Co. will post 2.7 EPS for the current fiscal year.

Institutional Trading of Enovis

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fidelis Capital Partners LLC acquired a new position in Enovis during the 1st quarter worth $34,000. Ridgewood Investments LLC bought a new position in Enovis in the second quarter valued at about $44,000. GAMMA Investing LLC increased its position in Enovis by 19.9% in the first quarter. GAMMA Investing LLC now owns 1,085 shares of the company’s stock worth $68,000 after purchasing an additional 180 shares during the period. Benjamin F. Edwards & Company Inc. raised its holdings in Enovis by 56.0% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,320 shares of the company’s stock worth $83,000 after purchasing an additional 474 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Enovis in the 2nd quarter valued at about $65,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.