Envela (NYSEAMERICAN:ELA) Shares Gap Down – Should You Sell?

Shares of Envela Corporation (NYSEAMERICAN:ELA) gapped down prior to trading on Thursday . The stock had previously closed at $28.88, but opened at $27.14. Envela shares last traded at $26.70, with a volume of 3,395 shares changing hands.

Analysts Set New Price Targets

ELA has been the subject of a number of research analyst reports. Lake Street Capital reaffirmed a “buy” rating and set a $27.00 price target on shares of Envela in a research report on Thursday, May 7th. B. Riley Financial boosted their price objective on Envela from $14.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Finally, Zacks Research upgraded Envela from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, Envela currently has an average rating of “Buy” and an average target price of $22.50.

Envela Price Performance

The firm has a market cap of $663.54 million, a PE ratio of 31.56 and a beta of 0.37. 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 business’s fifty day moving average is $24.30 and its 200-day moving average is $17.77.

Envela (NYSEAMERICAN:ELA) last released its earnings results on Wednesday, May 6th. The company reported $0.34 earnings per share 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 for the quarter, compared to analysts’ expectations of $98.39 million. On average, research analysts predict that Envela Corporation will post 0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Envela

Institutional investors have recently bought and sold shares of the company. Tradewinds Capital Management LLC bought a new position in Envela during the fourth quarter valued at $36,000. NewEdge Advisors LLC raised its stake in shares of 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 buying an additional 10,004 shares during the period. Deutsche Bank AG raised its stake in shares of Envela by 471.0% in the fourth 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 period. Wells Fargo & Company MN lifted its position 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. Finally, New York State Common Retirement Fund purchased a new position in shares of Envela during the 2nd quarter valued at $106,000. Hedge funds and other institutional investors own 8.15% of the company’s stock.

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.