Envela (NYSEAMERICAN:ELA) Stock Passes Above 200 Day Moving Average – What’s Next?

Envela Corporation (NYSEAMERICAN:ELA)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.94 and traded as high as $13.48. Envela shares last traded at $13.48, with a volume of 348,904 shares.

Analyst Upgrades and Downgrades

ELA has been the subject of a number of research analyst reports. Zacks Research downgraded Envela from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. B. Riley reiterated a “buy” rating and set a $14.00 target price (up previously from $11.00) on shares of Envela in a research note on Monday, November 10th. Finally, Lake Street Capital reissued a “buy” rating and set a $12.00 target price on shares of Envela in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Envela has an average rating of “Moderate Buy” and an average price target of $13.00.

Envela Price Performance

The stock has a market cap of $378.24 million, a P/E ratio of 36.43 and a beta of 0.23. The business has a 50-day simple moving average of $10.58 and a 200 day simple moving average of $8.00. The company has a current ratio of 5.19, a quick ratio of 2.65 and a debt-to-equity ratio of 0.16.

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

Institutional Investors Weigh In On Envela

Hedge funds and other institutional investors have recently modified their holdings of the company. Adamsbrown Wealth Consultants LLC purchased a new stake in shares of Envela in the second quarter worth approximately $61,000. NewEdge Advisors LLC grew its stake in shares of 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 acquiring an additional 10,004 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Envela in the second quarter valued at about $71,000. Allspring Global Investments Holdings LLC bought a new position in shares of Envela during the third quarter valued at about $110,000. Finally, New York State Common Retirement Fund bought a new position in shares of Envela during the 2nd quarter worth approximately $106,000. 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.