Enovis (NYSE:ENOV) Issues Quarterly Earnings Results, Meets Expectations

Enovis (NYSE:ENOV) released its earnings results on Thursday. The company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50, Briefing.com reports. The company had revenue of $516.00 million for the quarter, compared to analyst estimates of $505.62 million. Enovis had a negative net margin of 4.51% and a positive return on equity of 3.98%. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.44 EPS. Enovis updated its FY24 guidance to $2.52-$2.67 EPS.

Enovis Stock Performance

Shares of NYSE:ENOV traded down $0.86 on Friday, reaching $51.27. The company’s stock had a trading volume of 1,147,518 shares, compared to its average volume of 520,993. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.10 and a quick ratio of 1.16. Enovis has a 52-week low of $43.04 and a 52-week high of $66.14. The stock’s 50-day moving average is $59.15 and its two-hundred day moving average is $55.70.

Analysts Set New Price Targets

A number of brokerages have recently commented on ENOV. Needham & Company LLC reissued a “buy” rating and set a $82.00 price objective on shares of Enovis in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Enovis from $73.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Stephens initiated coverage on Enovis in a report on Tuesday, February 13th. They issued an “overweight” rating and a $72.00 price target for the company. Canaccord Genuity Group raised their price objective on shares of Enovis from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Finally, UBS Group began coverage on shares of Enovis in a report on Monday, January 22nd. They issued a “buy” rating and a $75.00 target price for the company. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Enovis currently has an average rating of “Buy” and an average price target of $75.43.

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.