Envela (NYSEAMERICAN:ELA) Upgraded at Zacks Research

Zacks Research upgraded shares of Envela (NYSEAMERICAN:ELA) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. B. Riley restated a “buy” rating and issued a $14.00 price objective (up from $11.00) on shares of Envela in a research note on Monday, November 10th. Lake Street Capital reiterated a “buy” rating and issued a $12.00 target price on shares of Envela in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $13.00.

Envela Price Performance

ELA stock opened at $13.30 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.65 and a current ratio of 5.19. The business has a 50-day simple moving average of $11.86 and a two-hundred day simple moving average of $8.69. The company has a market capitalization of $345.27 million, a P/E ratio of 33.25 and a beta of 0.19. Envela has a 52-week low of $5.10 and a 52-week high of $15.09.

Envela (NYSEAMERICAN:ELA) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $57.39 million for the quarter, compared to analyst estimates of $48.99 million. Envela had a net margin of 4.89% and a return on equity of 18.01%. Research analysts expect that Envela will post 0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Envela

A number of hedge funds have recently bought and sold shares of the business. Adamsbrown Wealth Consultants LLC purchased a new stake in shares of Envela during the second quarter worth about $61,000. NewEdge Advisors LLC boosted its stake in Envela by 1,015.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock worth $68,000 after purchasing an additional 10,004 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of Envela during the second quarter valued at approximately $71,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Envela during the third quarter valued at approximately $110,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Envela in the second quarter worth $106,000. Hedge funds and other institutional investors 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.