Envela (NYSEAMERICAN:ELA) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Envela (NYSEAMERICAN:ELA) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Lake Street Capital reiterated a “buy” rating and issued a $27.00 target price on shares of Envela in a report on Thursday, May 7th. B. Riley Financial boosted their price target on shares of Envela from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $22.50.

Envela Stock Performance

Shares of Envela stock opened at $28.88 on Monday. The business has a 50-day simple moving average of $23.81 and a 200 day simple moving average of $17.52. Envela has a one year low of $5.42 and a one year high of $29.68. 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 firm has a market capitalization of $749.72 million, a price-to-earnings ratio of 35.65 and a beta of 0.40.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ELA. Allspring Global Investments Holdings LLC raised 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 buying an additional 171,268 shares during the last quarter. Leo Wealth LLC purchased a new position in Envela during the 4th quarter worth $309,000. Tradewinds Capital Management LLC purchased a new position in Envela during the 4th quarter worth $36,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Envela by 20.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock worth $2,749,000 after acquiring an additional 28,049 shares in the last quarter. Finally, Sei Investments Co. raised 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 last quarter. Hedge funds and other 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.