Envela (NYSEAMERICAN:ELA) Shares Gap Up – Here’s What Happened

Envela Corporation (NYSEAMERICAN:ELA)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $23.50, but opened at $24.75. Envela shares last traded at $25.0650, with a volume of 3,644 shares traded.

Analysts Set New Price Targets

ELA has been the topic of a number of analyst reports. B. Riley Financial lifted their price target on Envela from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, March 19th. Lake Street Capital reaffirmed a “buy” rating and issued a $27.00 price target on shares of Envela in a research note on Thursday, May 7th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.50.

Envela Stock Down 0.3%

The company has a current ratio of 3.52, a quick ratio of 1.97 and a debt-to-equity ratio of 0.03. The stock has a 50 day simple moving average of $20.86 and a 200 day simple moving average of $15.92. The firm has a market capitalization of $643.57 million, a PE ratio of 30.66 and a beta of 0.40.

Envela (NYSEAMERICAN:ELA) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.34 EPS for the quarter, hitting analysts’ consensus estimates of $0.34. The business had revenue of $98.38 million for the quarter, compared to analysts’ expectations of $98.39 million. Envela had a return on equity of 32.00% and a net margin of 7.19%. As a group, sell-side analysts forecast that Envela Corporation will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Envela

Hedge funds have recently made changes to their positions in the business. Tradewinds Capital Management LLC purchased a new position in shares of Envela during the fourth quarter valued at approximately $36,000. NewEdge Advisors LLC increased its stake in shares of Envela by 1,015.6% during the first quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock valued at $68,000 after buying an additional 10,004 shares during the period. Deutsche Bank AG increased its stake in shares of Envela by 471.0% during the fourth quarter. Deutsche Bank AG now owns 6,252 shares of the company’s stock valued at $84,000 after buying an additional 5,157 shares during the period. Wells Fargo & Company MN increased its stake in shares of Envela by 78.1% during the fourth quarter. Wells Fargo & Company MN now owns 7,275 shares of the company’s stock valued at $97,000 after buying an additional 3,191 shares during the period. Finally, New York State Common Retirement Fund purchased a new position in shares of Envela during the second quarter valued at approximately $106,000. 8.15% of the stock is owned by hedge funds and other 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.