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

Envela (NYSEAMERICAN:ELA) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Lake Street Capital reiterated 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 report on Monday, November 10th. 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.com, Envela currently has an average rating of “Moderate Buy” and an average target price of $13.00.

Envela Stock Performance

NYSEAMERICAN:ELA opened at $12.79 on Wednesday. The firm has a market cap of $332.03 million, a PE ratio of 31.98 and a beta of 0.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.65 and a current ratio of 5.19. The business has a 50 day moving average price of $13.15 and a 200-day moving average price of $9.76. Envela has a fifty-two week low of $5.10 and a fifty-two week high of $15.11.

Envela (NYSEAMERICAN:ELA) last released its quarterly earnings data 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. Envela had a net margin of 4.89% and a return on equity of 18.01%. The firm had revenue of $57.39 million for the quarter, compared to analysts’ expectations of $48.99 million. Equities research analysts predict that Envela will post 0.24 earnings per share for the current year.

Institutional Investors Weigh In On Envela

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELA. Topline Capital Management LLC grew its position in shares of Envela by 14.2% during the second quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock worth $5,278,000 after purchasing an additional 107,470 shares in the last quarter. Vanguard Group Inc. lifted its stake in Envela by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 455,034 shares of the company’s stock worth $3,554,000 after purchasing an additional 2,737 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Envela by 1,213.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 185,382 shares of the company’s stock valued at $2,480,000 after purchasing an additional 171,268 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Envela by 116.5% in the second quarter. Geode Capital Management LLC now owns 144,247 shares of the company’s stock worth $883,000 after buying an additional 77,635 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in Envela by 16.4% during the third quarter. Bridgeway Capital Management LLC now owns 106,700 shares of the company’s stock valued at $833,000 after buying an additional 15,000 shares during the last quarter. 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.