Envela (NYSEAMERICAN:ELA) Shares Gap Down – Time to Sell?

Envela Corporation (NYSEAMERICAN:ELA) gapped down before the market opened on Thursday . The stock had previously closed at $28.88, but opened at $27.14. Envela shares last traded at $26.70, with a volume of 3,395 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ELA. Lake Street Capital reiterated a “buy” rating and set a $27.00 target price on shares of Envela in a research note on Thursday, May 7th. B. Riley Financial increased their price target on Envela from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Finally, Zacks Research raised Envela from a “hold” rating to a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat, Envela currently has a consensus rating of “Buy” and a consensus price target of $22.50.

Envela Stock Performance

The company has a market cap of $673.43 million, a P/E ratio of 32.03 and a beta of 0.37. The company has a quick ratio of 1.97, a current ratio of 3.52 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average price of $23.99 and a two-hundred day moving average price of $17.62.

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

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently modified their holdings of the business. Tradewinds Capital Management LLC acquired a new stake in Envela in the 4th quarter worth about $36,000. Deutsche Bank AG increased its holdings 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 purchasing an additional 5,157 shares during the period. Wells Fargo & Company MN increased its holdings 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 purchasing an additional 3,191 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of Envela in the fourth quarter valued at approximately $134,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Envela by 1,015.6% in the first 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 period. 8.15% of the stock is currently 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.