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

Envela Corporation (NYSEAMERICAN:ELA) shares gapped up before the market opened 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 changing hands.

Analyst Upgrades and Downgrades

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

Envela Stock Down 0.3%

The stock has a 50-day moving average of $20.86 and a two-hundred day moving average of $15.92. The company has a market cap of $643.57 million, a P/E ratio of 30.66 and a beta of 0.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.97 and a current ratio of 3.52.

Envela (NYSEAMERICAN:ELA) last released its earnings results on Wednesday, May 6th. The company reported $0.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.34. The company had revenue of $98.38 million during the quarter, compared to the consensus estimate of $98.39 million. Envela had a return on equity of 32.00% and a net margin of 7.19%. On average, research analysts anticipate that Envela Corporation will post 0.8 EPS for the current fiscal year.

Institutional Trading of Envela

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted 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 worth $2,480,000 after buying an additional 171,268 shares during the last quarter. Leo Wealth LLC bought a new stake in Envela in the 4th quarter worth approximately $309,000. Tradewinds Capital Management LLC bought a new stake in Envela in the 4th quarter worth approximately $36,000. Hillsdale Investment Management Inc. lifted its position in Envela by 308.2% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 47,400 shares of the company’s stock worth $370,000 after buying an additional 35,787 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in 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 buying an additional 10,004 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.