Envela (NYSEAMERICAN:ELA) Shares Down 6.2% – What’s Next?

Envela Corporation (NYSEAMERICAN:ELA) shares traded down 6.2% on Tuesday . The company traded as low as $23.01 and last traded at $23.2410. 43,597 shares traded hands during trading, a decline of 61% from the average session volume of 111,150 shares. The stock had previously closed at $24.79.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Lake Street Capital restated a “buy” rating and set a $27.00 price target on shares of Envela in a research report on Thursday, May 7th. Zacks Research lowered shares of Envela from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Finally, B. Riley Financial boosted their price target on shares of Envela from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Envela currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Envela Stock Down 7.2%

The company has a current ratio of 3.52, a quick ratio of 1.97 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $597.50 million, a price-to-earnings ratio of 28.43 and a beta of 0.26. The firm’s fifty day simple moving average is $17.57 and its two-hundred day simple moving average is $14.29.

Envela (NYSEAMERICAN:ELA) last posted its earnings results on Wednesday, May 6th. The company reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. The company had revenue of $98.38 million for the quarter, compared to analyst estimates of $98.39 million. Envela had a net margin of 7.19% and a return on equity of 32.00%. Sell-side analysts anticipate that Envela Corporation will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently bought and sold shares of ELA. Allspring Global Investments Holdings LLC boosted its holdings in Envela by 1,213.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 185,382 shares of the company’s stock valued at $2,480,000 after purchasing an additional 171,268 shares during the last quarter. Topline Capital Management LLC raised its stake in shares of Envela by 14.2% in the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock valued at $5,278,000 after acquiring an additional 107,470 shares during the period. Inspire Investing LLC purchased a new stake in Envela during the 4th quarter worth approximately $1,317,000. Informed Momentum Co LLC purchased a new stake in Envela during the 4th quarter worth approximately $1,300,000. Finally, Geode Capital Management LLC increased its stake in Envela by 116.5% during the 2nd quarter. Geode Capital Management LLC now owns 144,247 shares of the company’s stock worth $883,000 after buying an additional 77,635 shares during the period. 8.15% of the stock is currently owned by institutional investors and hedge funds.

About Envela

Envela Corporation is a technology-enabled asset recovery and monetization company that specializes in the acquisition, refurbishment and resale of pre-owned consumer electronics and jewelry, as well as the manufacture and distribution of industrial diamonds. Through its integrated platform, the company sources assets from individuals, retailers and corporate clients, employing proprietary software and physical channel operations to optimize value recovery across multiple product categories.

Originally founded as American Jewelry Liquidators, the business rebranded as Envela in 2018 to reflect its broader strategic focus beyond jewelry.