Envela (NYSEAMERICAN:ELA) Downgraded to Hold Rating by Zacks Research

Envela (NYSEAMERICAN:ELA) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Separately, Lake Street Capital reaffirmed a “buy” rating and set a $27.00 target price on shares of Envela in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Envela presently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Envela Stock Performance

Shares of NYSEAMERICAN:ELA opened at $21.22 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.52 and a quick ratio of 1.97. The business’s 50 day moving average price is $24.51 and its 200-day moving average price is $18.95. The firm has a market capitalization of $550.87 million, a PE ratio of 26.20 and a beta of 0.37. Envela has a 1 year low of $5.42 and a 1 year high of $29.68.

Envela (NYSEAMERICAN:ELA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. The firm 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%. As a group, equities research analysts expect that Envela will post 0.8 earnings per share for the current fiscal 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. Topline Capital Management LLC grew its holdings in Envela by 14.2% in the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock valued at $5,278,000 after buying an additional 107,470 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Envela by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 455,034 shares of the company’s stock worth $3,554,000 after acquiring an additional 2,737 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Envela by 35.9% during the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock worth $4,348,000 after acquiring an additional 68,900 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Envela by 12.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company’s stock worth $3,486,000 after acquiring an additional 23,875 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of 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 acquiring an additional 28,049 shares during the last quarter. Institutional investors and hedge funds 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.