Envela Corporation (NYSEAMERICAN:ELA – Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.19, but opened at $21.11. Envela shares last traded at $23.4850, with a volume of 145,650 shares changing hands.
The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.21. Envela had a net margin of 6.06% and a return on equity of 24.22%. The firm had revenue of $98.38 million during the quarter, compared to analyst estimates of $52.80 million.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. Lake Street Capital restated a “buy” rating on shares of Envela in a research report on Thursday. 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. Finally, Zacks Research lowered shares of Envela from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.
Institutional Investors Weigh In On Envela
Several institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in Envela by 1,213.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 185,382 shares of the company’s stock worth $2,480,000 after buying an additional 171,268 shares during the period. Topline Capital Management LLC increased its stake in Envela by 14.2% in the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company’s stock worth $5,278,000 after buying an additional 107,470 shares during the period. Inspire Investing LLC purchased a new position in Envela in the 4th quarter worth about $1,317,000. Informed Momentum Co LLC purchased a new position in Envela in the 4th quarter worth about $1,300,000. Finally, Geode Capital Management LLC increased its stake in 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 buying an additional 77,635 shares during the period. Institutional investors own 8.15% of the company’s stock.
Envela Stock Up 18.4%
The company has a market cap of $589.99 million, a PE ratio of 42.16 and a beta of 0.26. The company’s 50 day moving average is $15.88 and its 200 day moving average is $13.40. The company has a current ratio of 3.50, a quick ratio of 1.63 and a debt-to-equity ratio of 0.03.
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.
Further Reading
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