Envela (NYSEAMERICAN:ELA) Hits New 52-Week High on Analyst Upgrade

Envela Corporation (NYSEAMERICAN:ELA) shares hit a new 52-week high on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $29.32 and last traded at $29.1140, with a volume of 17339 shares changing hands. The stock had previously closed at $28.62.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Tradewinds Capital Management LLC purchased a new stake in shares of Envela during the 4th quarter worth about $36,000. NewEdge Advisors LLC grew its stake in shares of Envela by 1,015.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock valued at $68,000 after buying an additional 10,004 shares in the last quarter. Deutsche Bank AG grew its stake in shares of Envela by 471.0% in the 4th quarter. Deutsche Bank AG now owns 6,252 shares of the company’s stock valued at $84,000 after buying an additional 5,157 shares in the last quarter. Wells Fargo & Company MN increased 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 buying an additional 3,191 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Envela in the second quarter worth approximately $106,000. Hedge funds and other institutional investors own 8.15% of the company’s stock.

Envela Stock Performance

The stock has a market cap of $698.84 million, a P/E ratio of 33.23 and a beta of 0.37. The firm’s 50-day moving average is $23.99 and its two-hundred day moving average is $17.62. 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 posted its earnings results on Wednesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.34. Envela had a net margin of 7.19% and a return on equity of 32.00%. The firm had revenue of $98.38 million during the quarter, compared to analysts’ expectations of $98.39 million. As a group, research analysts expect that Envela Corporation will post 0.8 EPS for the current year.

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.