Envela Corporation (NYSEAMERICAN:ELA) Short Interest Down 13.2% in January

Envela Corporation (NYSEAMERICAN:ELA) saw a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 168,761 shares, a drop of 13.2% from the January 15th total of 194,500 shares. Currently, 2.5% of the company’s shares are sold short. Based on an average trading volume of 83,770 shares, the days-to-cover ratio is presently 2.0 days. Based on an average trading volume of 83,770 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.5% of the company’s shares are sold short.

Envela Trading Up 2.9%

Shares of NYSEAMERICAN:ELA opened at $13.22 on Wednesday. The company has a current ratio of 5.19, a quick ratio of 2.65 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $343.19 million, a PE ratio of 33.05 and a beta of 0.23. Envela has a 1 year low of $5.10 and a 1 year high of $15.11. The firm has a fifty day moving average price of $13.22 and a 200 day moving average price of $10.21.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Zacks Research lowered Envela from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Lake Street Capital reissued a “buy” rating and set a $12.00 price target on shares of Envela in a research report on Thursday, November 6th. Finally, B. Riley Financial reissued a “buy” rating and issued a $14.00 price objective (up previously from $11.00) on shares of Envela in a research note on Monday, November 10th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Institutional Trading of Envela

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC bought a new stake in shares of Envela during the fourth quarter valued at approximately $36,000. NewEdge Advisors LLC boosted its position in Envela by 1,015.6% in the 1st 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 last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Envela in the 2nd quarter valued at $71,000. Deutsche Bank AG raised its position in shares of Envela by 471.0% during the fourth quarter. Deutsche Bank AG now owns 6,252 shares of the company’s stock worth $84,000 after acquiring an additional 5,157 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Envela by 78.1% during the fourth quarter. Wells Fargo & Company MN now owns 7,275 shares of the company’s stock worth $97,000 after acquiring an additional 3,191 shares during the last quarter. 8.15% of the stock is currently owned by institutional investors and hedge funds.

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.