Envela (NYSEAMERICAN:ELA) Stock Rating Upgraded by Zacks Research

Envela (NYSEAMERICAN:ELA) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

ELA has been the topic of several other reports. 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. B. Riley reiterated a “buy” rating and issued a $14.00 price target (up previously from $11.00) on shares of Envela in a research note on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $13.00.

Envela Stock Performance

ELA opened at $13.26 on Tuesday. The company has a quick ratio of 2.65, a current ratio of 5.19 and a debt-to-equity ratio of 0.16. Envela has a 12-month low of $5.10 and a 12-month high of $15.09. The business has a 50 day moving average of $11.77 and a 200-day moving average of $8.66. The stock has a market cap of $344.23 million, a price-to-earnings ratio of 33.15 and a beta of 0.19.

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

Institutional Trading of Envela

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Topline Capital Management LLC increased its stake in Envela by 14.2% during the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock worth $5,278,000 after acquiring an additional 107,470 shares during the period. Geode Capital Management LLC grew its holdings in shares of Envela by 116.5% during the 2nd 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Envela by 107.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 80,669 shares of the company’s stock worth $630,000 after purchasing an additional 41,830 shares in the last quarter. Hillsdale Investment Management Inc. increased its position in shares of Envela by 308.2% in the third quarter. Hillsdale Investment Management Inc. now owns 47,400 shares of the company’s stock worth $370,000 after purchasing an additional 35,787 shares during the period. Finally, Bailard Inc. acquired a new position in Envela in the third quarter valued at about $174,000. Institutional investors and hedge funds 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.