Zacks Research Upgrades Envela (NYSEAMERICAN:ELA) to “Strong-Buy”

Envela (NYSEAMERICAN:ELA) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other research analysts have also issued reports about the stock. 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 set a $27.00 price target on shares of Envela in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $22.50.

Envela Stock Up 0.9%

ELA opened at $28.88 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.52 and a quick ratio of 1.97. Envela has a 12 month low of $5.42 and a 12 month high of $29.68. The stock has a market capitalization of $749.72 million, a P/E ratio of 35.65 and a beta of 0.40. The business has a 50 day simple moving average of $23.81 and a 200-day simple moving average of $17.52.

Envela (NYSEAMERICAN:ELA) last released its earnings results on Wednesday, May 6th. The company reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. Envela had a return on equity of 32.00% and a net margin of 7.19%.The company had revenue of $98.38 million during the quarter, compared to the consensus estimate of $98.39 million. On average, equities analysts anticipate that Envela will post 0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Envela

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Envela by 35.9% in the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock worth $4,348,000 after buying an additional 68,900 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 acquiring an additional 28,049 shares during the last quarter. Sei Investments Co. boosted its position in shares of Envela by 100.0% in the first quarter. Sei Investments Co. now owns 118,342 shares of the company’s stock worth $1,972,000 after acquiring an additional 59,171 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Envela by 59.1% in the first quarter. Dimensional Fund Advisors LP now owns 86,453 shares of the company’s stock valued at $1,441,000 after purchasing an additional 32,119 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in Envela by 12.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company’s stock valued at $3,486,000 after purchasing an additional 23,875 shares during the period. 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.