Envela (NYSEAMERICAN:ELA) Shares Down 8.2% – Should You Sell?

Envela Corporation (NYSEAMERICAN:ELA)’s stock price dropped 8.2% during mid-day trading on Friday . The company traded as low as $25.49 and last traded at $25.2550. Approximately 113,572 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 112,310 shares. The stock had previously closed at $27.51.

Analysts Set New Price Targets

ELA has been the subject of a number of research analyst reports. Lake Street Capital restated a “buy” rating and issued a $27.00 price target on shares of Envela in a research note on Thursday, May 7th. Zacks Research downgraded shares of Envela from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Finally, B. Riley Financial lifted their price objective on shares of Envela from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, March 19th. 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 stock currently has an average rating of “Moderate Buy” and an average target price of $22.50.

Envela Stock Down 7.7%

The firm’s 50-day moving average price is $19.55 and its 200 day moving average price is $15.15. The firm has a market cap of $658.86 million, a P/E ratio of 31.16 and a beta of 0.26. The company has a quick ratio of 1.97, a current ratio of 3.52 and a debt-to-equity ratio of 0.03.

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

Hedge Funds Weigh In On Envela

Several institutional investors have recently modified their holdings of ELA. Barclays PLC lifted its holdings in Envela by 6.9% in the fourth quarter. Barclays PLC now owns 13,353 shares of the company’s stock worth $179,000 after purchasing an additional 862 shares during the period. Tradewinds Capital Management LLC acquired a new stake in Envela in the fourth quarter worth about $36,000. Vanguard Group Inc. lifted its holdings in Envela by 0.6% in the third 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 during the period. Wells Fargo & Company MN lifted its holdings in Envela by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 7,275 shares of the company’s stock worth $97,000 after purchasing an additional 3,191 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Envela by 8.9% in the second quarter. Bank of America Corp DE now owns 43,906 shares of the company’s stock worth $269,000 after purchasing an additional 3,583 shares during the period. 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.