Envela (NYSEAMERICAN:ELA) Price Target Cut to $23.00 by Analysts at B. Riley Financial

Envela (NYSEAMERICAN:ELA) had its price target decreased by equities researchers at B. Riley Financial from $24.00 to $23.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s target price would suggest a potential upside of 29.00% from the stock’s previous close.

ELA has been the subject of a number of other research reports. Zacks Research lowered Envela from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 28th. Lake Street Capital restated a “buy” rating and set a $27.00 price objective on shares of Envela in a research note on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.00.

Envela Stock Down 15.9%

Shares of Envela stock traded down $3.38 during trading on Thursday, hitting $17.83. 68,769 shares of the stock traded hands, compared to its average volume of 116,080. 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’s fifty day simple moving average is $24.19 and its 200 day simple moving average is $19.22. The firm has a market cap of $462.87 million, a P/E ratio of 22.20 and a beta of 0.41. Envela has a 52-week low of $5.74 and a 52-week high of $29.68.

Envela (NYSEAMERICAN:ELA) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. Envela had a net margin of 7.19% and a return on equity of 32.00%. The company had revenue of $56.77 million during the quarter, compared to analyst estimates of $59.95 million. On average, equities analysts predict that Envela will post 0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Envela

A number of large investors have recently made changes to their positions in ELA. Renaissance Technologies LLC increased its position in shares of Envela by 35.9% in the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock valued at $4,348,000 after acquiring an additional 68,900 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Envela by 20.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock valued at $2,749,000 after purchasing an additional 28,049 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Envela by 100.0% in the first quarter. Sei Investments Co. now owns 118,342 shares of the company’s stock valued at $1,972,000 after purchasing an additional 59,171 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Envela by 59.1% in the first quarter. Dimensional Fund Advisors LP now owns 86,453 shares of the company’s stock worth $1,441,000 after purchasing an additional 32,119 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Envela by 12.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company’s stock valued at $3,486,000 after buying an additional 23,875 shares during the last quarter. 8.15% of the stock is owned by hedge funds and other 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.