Envela (NYSEAMERICAN:ELA) Raised to “Strong-Buy” at Zacks Research

Envela (NYSEAMERICAN:ELA) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

ELA has been the topic of a number of other reports. Lake Street Capital reiterated a “buy” rating and set a $27.00 price target on shares of Envela in a research note on Thursday, May 7th. B. Riley Financial raised 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. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to data from MarketBeat, Envela currently has an average rating of “Buy” and an average target price of $22.50.

Envela Trading Up 0.9%

Shares of NYSEAMERICAN ELA opened at $28.88 on Monday. Envela has a twelve month low of $5.42 and a twelve month high of $29.68. 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 stock has a fifty day simple moving average of $23.81 and a 200-day simple moving average of $17.52. The stock has a market capitalization of $749.72 million, a PE ratio of 35.65 and a beta of 0.40.

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

Hedge Funds Weigh In On Envela

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings in Envela by 35.9% in the first 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. Arrowstreet Capital Limited Partnership lifted its holdings in Envela by 20.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock worth $2,749,000 after buying an additional 28,049 shares during the last quarter. Sei Investments Co. boosted its position in shares of Envela by 100.0% during the 1st quarter. Sei Investments Co. now owns 118,342 shares of the company’s stock worth $1,972,000 after acquiring an additional 59,171 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Envela by 59.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 86,453 shares of the company’s stock valued at $1,441,000 after acquiring an additional 32,119 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of 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 acquiring an additional 23,875 shares during the last quarter. Institutional investors and hedge funds own 8.15% of the company’s stock.

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.