Envela (NYSEAMERICAN:ELA) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Envela (NYSEAMERICAN:ELA) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Separately, 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. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Envela presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Envela Stock Down 0.8%

Shares of ELA opened at $21.22 on Tuesday. The firm has a market cap of $550.87 million, a P/E ratio of 26.20 and a beta of 0.37. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.97 and a current ratio of 3.52. Envela has a 52 week low of $5.42 and a 52 week high of $29.68. The firm’s 50-day simple moving average is $24.51 and its 200 day simple moving average is $18.95.

Envela (NYSEAMERICAN:ELA) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.34 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 the consensus estimate of $98.39 million. On average, analysts forecast that Envela will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Envela

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its holdings in Envela by 1,213.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 185,382 shares of the company’s stock valued at $2,480,000 after purchasing an additional 171,268 shares during the period. Leo Wealth LLC bought a new position in shares of Envela during the fourth quarter worth approximately $309,000. New York State Common Retirement Fund bought a new position in shares of Envela during the second quarter worth approximately $106,000. 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. Finally, Deutsche Bank AG raised its position in shares of Envela by 471.0% in the fourth quarter. Deutsche Bank AG now owns 6,252 shares of the company’s stock valued at $84,000 after buying an additional 5,157 shares in the last quarter. 8.15% of the stock is owned by institutional investors.

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.