Envela (NYSEAMERICAN:ELA) Shares Gap Up – Still a Buy?

Envela Corporation (NYSEAMERICAN:ELA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $23.50, but opened at $24.75. Envela shares last traded at $25.0650, with a volume of 3,644 shares changing hands.

Analyst Ratings Changes

ELA has been the subject of several recent analyst reports. B. Riley Financial upped their target price on shares of Envela from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Lake Street Capital reissued a “buy” rating and issued a $27.00 price objective on shares of Envela in a report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Envela has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Envela Stock Up 5.9%

The stock has a market cap of $694.69 million, a P/E ratio of 33.04 and a beta of 0.40. The company has a current ratio of 3.52, a quick ratio of 1.97 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average is $21.24 and its 200-day moving average is $16.14.

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

Institutional Trading of Envela

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its stake in Envela by 35.9% during the first quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock valued at $4,348,000 after purchasing an additional 68,900 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Envela by 20.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock worth $2,749,000 after buying an additional 28,049 shares during the last quarter. Sei Investments Co. increased 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 buying an additional 59,171 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Envela by 59.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 86,453 shares of the company’s stock valued at $1,441,000 after acquiring an additional 32,119 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position 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 valued at $3,486,000 after acquiring an additional 23,875 shares during the last quarter. 8.15% of the stock is currently owned by institutional investors.

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.