Enovis (NYSE:ENOV) Hits New 52-Week Low – Time to Sell?

Enovis Co. (NYSE:ENOV) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $34.44 and last traded at $37.00, with a volume of 1324867 shares changing hands. The stock had previously closed at $37.18.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Enovis in a research report on Wednesday.

Enovis Trading Down 3.8 %

The stock’s 50-day moving average price is $40.90 and its 200 day moving average price is $43.09. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.12. The firm has a market capitalization of $1.85 billion, a PE ratio of -14.85 and a beta of 2.05.

Enovis (NYSE:ENOV) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.92 by $0.06. Enovis had a positive return on equity of 4.39% and a negative net margin of 5.95%. The company had revenue of $560.98 million for the quarter, compared to the consensus estimate of $555.14 million. On average, sell-side analysts expect that Enovis Co. will post 2.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its position in shares of Enovis by 3.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 66,668 shares of the company’s stock worth $2,870,000 after purchasing an additional 2,123 shares during the period. FMR LLC lifted its holdings 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 buying an additional 484 shares during the period. MetLife Investment Management LLC boosted its position in Enovis by 9.4% during the 3rd quarter. MetLife Investment Management LLC now owns 28,839 shares of the company’s stock valued at $1,242,000 after acquiring an additional 2,476 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Enovis by 34.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 15,595 shares of the company’s stock valued at $671,000 after acquiring an additional 4,035 shares during the period. Finally, Centiva Capital LP bought a new position in shares of Enovis in the 3rd quarter worth $326,000. 98.45% of the stock is currently owned by institutional investors.

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.