Envela (NYSEAMERICAN:ELA) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Envela (NYSEAMERICAN:ELA) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

A number of other analysts have also issued reports on the company. B. Riley Financial reaffirmed a “buy” rating and issued a $14.00 target price (up previously from $11.00) on shares of Envela in a report on Monday, November 10th. Lake Street Capital reissued a “buy” rating and issued a $12.00 price objective on shares of Envela in a research report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Envela Price Performance

Shares of Envela stock opened at $13.35 on Wednesday. The company has a current ratio of 5.19, a quick ratio of 2.65 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $13.19 and a 200-day simple moving average of $9.81. The stock has a market capitalization of $346.57 million, a price-to-earnings ratio of 33.38 and a beta of 0.23. Envela has a 1-year low of $5.10 and a 1-year high of $15.11.

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 business 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%. On average, sell-side analysts expect that Envela will post 0.24 earnings per share for the current year.

Hedge Funds Weigh In On Envela

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tradewinds Capital Management LLC bought a new stake in Envela in the fourth quarter valued at approximately $36,000. NewEdge Advisors LLC raised 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 valued at $68,000 after acquiring an additional 10,004 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Envela during the 2nd quarter valued at $71,000. New York State Common Retirement Fund bought a new position in Envela during the second quarter worth $106,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Envela in the third quarter valued at $110,000. Institutional investors 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.