Envela (NYSEAMERICAN:ELA) Shares Down 8.2% – Here’s Why

Envela Corporation (NYSEAMERICAN:ELA) shares traded down 8.2% during mid-day trading on Friday . The company traded as low as $25.49 and last traded at $25.2550. 113,572 shares traded hands during trading, an increase of 1% from the average session volume of 112,310 shares. The stock had previously closed at $27.51.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Zacks Research downgraded shares of Envela from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. B. Riley Financial increased 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. Finally, Lake Street Capital reissued a “buy” rating and set a $27.00 target price on shares of Envela in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Envela Price Performance

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 company’s 50-day simple moving average is $19.83 and its 200-day simple moving average is $15.22. The company has a market cap of $660.94 million, a price-to-earnings ratio of 31.43 and a beta of 0.26.

Envela (NYSEAMERICAN:ELA) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 the consensus estimate of $98.39 million. On average, equities research analysts anticipate that Envela Corporation will post 0.8 EPS for the current year.

Hedge Funds Weigh In On Envela

Institutional investors and hedge funds have recently made changes to their positions in the business. Tradewinds Capital Management LLC purchased a new position in shares of Envela during the 4th quarter valued at approximately $36,000. Deutsche Bank AG boosted its stake in shares of Envela by 471.0% during 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 during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Envela by 78.1% during the 4th quarter. Wells Fargo & Company MN now owns 7,275 shares of the company’s stock valued at $97,000 after buying an additional 3,191 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Envela during the 4th quarter valued at approximately $134,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Envela by 1,015.6% during 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 during the last quarter. 8.15% of the stock is currently owned by hedge funds and other 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.