Envela (NYSEAMERICAN:ELA) Announces Earnings Results, Beats Expectations By $0.04 EPS

Envela (NYSEAMERICAN:ELA) announced its earnings results on Wednesday. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04, FiscalAI reports. The firm had revenue of $56.77 million for the quarter, compared to analyst estimates of $59.95 million. Envela had a net margin of 7.19% and a return on equity of 32.00%.

Envela Trading Down 3.3%

ELA stock traded down $0.72 on Wednesday, hitting $21.21. 114,609 shares of the company were exchanged, compared to its average volume of 116,224. The stock has a market capitalization of $550.61 million, a price-to-earnings ratio of 26.19 and a beta of 0.41. The business’s fifty day moving average is $24.30 and its two-hundred day moving average is $19.17. Envela has a twelve month low of $5.52 and a twelve month 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.

Institutional Trading of Envela

A number of institutional investors and hedge funds have recently made changes to their positions in ELA. NewEdge Advisors LLC boosted its holdings in Envela by 1,015.6% in the first quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock valued at $68,000 after acquiring an additional 10,004 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Envela by 82.4% during the first quarter. Goldman Sachs Group Inc. now owns 30,334 shares of the company’s stock worth $189,000 after acquiring an additional 13,699 shares during the last quarter. Jane Street Group LLC increased its stake in Envela by 12.1% during the first quarter. Jane Street Group LLC now owns 34,024 shares of the company’s stock worth $212,000 after acquiring an additional 3,681 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Envela by 116.5% in the 2nd quarter. Geode Capital Management LLC now owns 144,247 shares of the company’s stock worth $883,000 after purchasing an additional 77,635 shares during the period. Finally, New York State Common Retirement Fund purchased a new position in shares of Envela in the 2nd quarter worth about $106,000. 8.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on ELA. Lake Street Capital reissued a “buy” rating and set a $27.00 price target on shares of Envela in a research note on Thursday, May 7th. Zacks Research lowered Envela from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Envela presently has an average rating of “Moderate Buy” and an average price target of $22.50.

Envela Company Profile

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.