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

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

A number of other analysts have also recently weighed in on ELA. Lake Street Capital reiterated a “buy” rating and set a $12.00 price target on shares of Envela in a research report on Thursday, November 6th. B. Riley restated a “buy” rating and set a $14.00 price objective (up from $11.00) on shares of Envela in a research note on Monday, November 10th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Envela Trading Down 0.7%

NYSEAMERICAN ELA opened at $12.79 on Wednesday. Envela has a one year low of $5.10 and a one year high of $15.11. The company has a 50-day simple moving average of $13.15 and a 200-day simple moving average of $9.76. 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 firm has a market capitalization of $332.03 million, a PE ratio of 31.98 and a beta of 0.23.

Envela (NYSEAMERICAN:ELA) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.13 earnings per share for the quarter, topping 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 firm had revenue of $57.39 million for the quarter, compared to analyst estimates of $48.99 million. On average, equities analysts forecast that Envela will post 0.24 earnings per share for the current year.

Hedge Funds Weigh In On Envela

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELA. Allspring Global Investments Holdings LLC increased its position in Envela by 1,213.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 185,382 shares of the company’s stock valued at $2,480,000 after acquiring an additional 171,268 shares during the period. Topline Capital Management LLC grew its stake in shares of Envela by 14.2% in 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. Geode Capital Management LLC increased its holdings 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 valued at $883,000 after purchasing an additional 77,635 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Envela by 107.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 80,669 shares of the company’s stock valued at $630,000 after purchasing an additional 41,830 shares during the period. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Envela by 308.2% during the third quarter. Hillsdale Investment Management Inc. now owns 47,400 shares of the company’s stock valued at $370,000 after purchasing an additional 35,787 shares in the last quarter. 8.15% of the stock is owned by institutional investors.

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.