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

Envela Corporation (NYSEAMERICAN:ELA) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.46 and traded as high as $17.88. Envela shares last traded at $17.45, with a volume of 99,417 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ELA shares. Zacks Research lowered shares of Envela from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. B. Riley Financial upped their price target 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. Finally, Lake Street Capital increased their price objective on shares of Envela from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Envela currently has an average rating of “Moderate Buy” and an average price target of $16.50.

Envela Stock Performance

The stock has a market capitalization of $453.00 million, a PE ratio of 30.61 and a beta of 0.26. The business’s 50 day moving average is $13.63 and its 200 day moving average is $11.46. The company has a current ratio of 3.50, a quick ratio of 1.63 and a debt-to-equity ratio of 0.03.

Envela (NYSEAMERICAN:ELA) last posted its quarterly earnings data on Wednesday, March 18th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.14. The company had revenue of $80.50 million for the quarter, compared to analyst estimates of $52.25 million. Envela had a net margin of 6.06% and a return on equity of 24.22%. On average, equities research analysts predict that Envela Corporation will post 0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Envela

A number of institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its holdings in 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 acquiring an additional 10,004 shares during the period. Goldman Sachs Group Inc. grew its position in Envela by 82.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,334 shares of the company’s stock valued at $189,000 after acquiring an additional 13,699 shares during the last quarter. Jane Street Group LLC increased its stake in Envela by 12.1% in the first quarter. Jane Street Group LLC now owns 34,024 shares of the company’s stock worth $212,000 after purchasing an additional 3,681 shares during the period. Geode Capital Management LLC lifted its position in shares of Envela by 116.5% during the second quarter. Geode Capital Management LLC now owns 144,247 shares of the company’s stock worth $883,000 after purchasing an additional 77,635 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new stake in shares of Envela during the second quarter worth $106,000. 8.15% of the stock is owned by institutional investors.

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.