Envela (NYSEAMERICAN:ELA) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Envela Corporation (NYSEAMERICAN:ELA)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $6.02. Envela shares last traded at $5.62, with a volume of 25,184 shares changing hands.

Wall Street Analyst Weigh In

Separately, Lake Street Capital lifted their price target on shares of Envela from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th.

Envela Stock Down 2.9%

The firm has a market cap of $146.12 million, a price-to-earnings ratio of 20.07 and a beta of 0.14. The company has a 50-day moving average of $6.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.51 and a quick ratio of 2.31.

Institutional Investors Weigh In On Envela

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELA. NewEdge Advisors LLC increased its position in shares of Envela by 1,015.6% during the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock valued at $68,000 after purchasing an additional 10,004 shares during the period. Goldman Sachs Group Inc. boosted its stake in Envela by 82.4% during the first quarter. Goldman Sachs Group Inc. now owns 30,334 shares of the company’s stock valued at $189,000 after buying an additional 13,699 shares in the last quarter. Jane Street Group LLC grew its holdings in Envela by 12.1% during the first quarter. Jane Street Group LLC now owns 34,024 shares of the company’s stock worth $212,000 after acquiring an additional 3,681 shares during the period. Ancora Advisors LLC bought a new stake in Envela in the fourth quarter worth about $244,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Envela by 217.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 38,839 shares of the company’s stock valued at $279,000 after acquiring an additional 26,598 shares during the last quarter. Institutional investors own 8.15% of the company’s stock.

About Envela

Envela Corporation, together with its subsidiaries, operates in the re-commerce sector in the United States. The company operates through two segments, Commercial-Services and Direct-To-Consumer. It provides end-of-life asset recycling; data destruction and IT asset management; and products, services, and solutions to industrial and commercial companies, as well as operates as a re-commerce retailers of luxury hard assets.