Envela (NYSEAMERICAN:ELA) Stock Price Up 1.9% – Here’s Why

Envela Co. (NYSEAMERICAN:ELA)’s share price was up 1.9% during mid-day trading on Thursday . The company traded as high as $7.40 and last traded at $7.36. Approximately 15,523 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 29,882 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upped their price target on shares of Envela from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Envela Trading Up 0.5 %

The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.08 and a current ratio of 4.76. The firm has a market capitalization of $192.40 million, a P/E ratio of 30.83 and a beta of 0.31.

Envela (NYSEAMERICAN:ELA) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $46.90 million for the quarter, compared to analyst estimates of $39.85 million. Envela had a return on equity of 13.01% and a net margin of 3.83%. On average, research analysts predict that Envela Co. will post 0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Envela

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC raised its stake in Envela by 113.7% during the third quarter. Barclays PLC now owns 5,025 shares of the company’s stock worth $28,000 after acquiring an additional 2,674 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Envela by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 453,065 shares of the company’s stock valued at $2,093,000 after purchasing an additional 3,678 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Envela during the 2nd quarter worth approximately $42,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Envela during the 2nd quarter worth approximately $50,000. Finally, Renaissance Technologies LLC lifted its stake in Envela by 11.8% in the 2nd quarter. Renaissance Technologies LLC now owns 195,428 shares of the company’s stock valued at $877,000 after purchasing an additional 20,624 shares during the last quarter. 8.15% of the stock is currently owned by institutional investors and hedge funds.

About Envela

Envela Corporation, together with its subsidiaries, operates in the re-commerce sector in the United States. The company operates through two segments, Commercial-Services and Direct-To-Consumer. It provides end-of-life asset recycling; data destruction and IT asset management; and products, services, and solutions to industrial and commercial companies, as well as operates as a re-commerce retailers of luxury hard assets.