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

Envela Corporation (NYSEAMERICAN:ELA)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $22.75, but opened at $24.50. Envela shares last traded at $24.4590, with a volume of 7,090 shares trading hands.

Analyst Ratings Changes

ELA has been the subject of a number of analyst reports. B. Riley Financial increased their target price on shares of Envela from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. 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. Finally, Zacks Research cut 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 assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.50.

Envela Trading Down 1.0%

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 moving average price is $18.00 and its two-hundred day moving average price is $14.49. The stock has a market capitalization of $618.37 million, a PE ratio of 29.41 and a beta of 0.26.

Envela (NYSEAMERICAN:ELA) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $98.39 million. As a group, analysts expect that Envela Corporation will post 0.8 earnings per share for the current year.

Institutional Investors Weigh In On Envela

Large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in shares of Envela by 35.9% during the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company’s stock worth $4,348,000 after purchasing an additional 68,900 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Envela by 20.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company’s stock worth $2,749,000 after purchasing an additional 28,049 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Envela by 100.0% during the 1st quarter. Sei Investments Co. now owns 118,342 shares of the company’s stock worth $1,972,000 after purchasing an additional 59,171 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake 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 worth $1,441,000 after purchasing an additional 32,119 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake 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 worth $3,486,000 after purchasing an additional 23,875 shares during the last quarter. 8.15% of the stock is owned by institutional investors and hedge funds.

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.