Envela (NYSEAMERICAN:ELA) Shares Gap Up – Still a Buy?

Envela Corporation (NYSEAMERICAN:ELA) shares gapped up prior to trading on Thursday . The stock had previously closed at $22.75, but opened at $24.50. Envela shares last traded at $24.4590, with a volume of 7,090 shares.

Wall Street Analysts Forecast Growth

ELA has been the topic of a number of recent research reports. Lake Street Capital reaffirmed 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 note on Wednesday, February 4th. Finally, B. Riley Financial lifted their price objective on shares of Envela from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.50.

Envela Trading Down 1.0%

The stock has a market cap of $618.37 million, a price-to-earnings ratio of 29.41 and a beta of 0.26. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.97 and a current ratio of 3.52. The company’s 50 day simple moving average is $18.00 and its two-hundred day simple moving average is $14.49.

Envela (NYSEAMERICAN:ELA) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. Envela had a net margin of 7.19% and a return on equity of 32.00%. The company had revenue of $98.38 million for the quarter, compared to analyst estimates of $98.39 million. Research analysts expect that Envela Corporation will post 0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Topline Capital Management LLC increased its stake in shares of Envela by 14.2% during the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock worth $5,278,000 after purchasing an additional 107,470 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Envela by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 455,034 shares of the company’s stock worth $3,554,000 after purchasing an additional 2,737 shares during the last quarter. Renaissance Technologies LLC grew its stake in Envela by 35.9% in the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock valued at $4,348,000 after buying an additional 68,900 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Envela by 12.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company’s stock valued at $3,486,000 after buying an additional 23,875 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Envela by 20.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock valued at $2,749,000 after buying an additional 28,049 shares during the last quarter. Institutional investors and hedge funds own 8.15% of the company’s stock.

Envela Company Profile

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.