Envela (NYSEAMERICAN:ELA) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Envela Corporation (NYSEAMERICAN:ELA) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.66 and traded as high as $14.03. Envela shares last traded at $13.12, with a volume of 104,544 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ELA shares. B. Riley reiterated a “buy” rating and issued a $14.00 price objective (up previously from $11.00) on shares of Envela in a research note on Monday, November 10th. Zacks Research raised Envela from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 6th. Finally, Lake Street Capital reiterated a “buy” rating and set a $12.00 price target 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 assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $13.00.

Envela Price Performance

The company has a market capitalization of $340.60 million, a P/E ratio of 32.80 and a beta of 0.23. The company has a fifty day moving average price of $13.07 and a 200 day moving average price of $9.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 5.19 and a quick ratio of 2.65.

Envela (NYSEAMERICAN:ELA) last posted its earnings results on Wednesday, November 5th. The company reported $0.13 earnings per share (EPS) 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 analysts’ expectations of $48.99 million. Envela had a return on equity of 18.01% and a net margin of 4.89%. On average, sell-side analysts forecast that Envela Corporation will post 0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tradewinds Capital Management LLC acquired a new position in Envela during the fourth quarter worth about $36,000. NewEdge Advisors LLC boosted its position in Envela by 1,015.6% during the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock worth $68,000 after acquiring an additional 10,004 shares during the period. Hillsdale Investment Management Inc. acquired a new position in Envela in the 2nd quarter valued at approximately $71,000. New York State Common Retirement Fund purchased a new stake in shares of Envela during the second quarter worth $106,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Envela in the 3rd quarter worth about $110,000. 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.