B. Riley Boosts Envela (NYSEAMERICAN:ELA) Price Target to $11.00

Key Points

• B. Riley has raised its price target for Envela (NYSEAMERICAN:ELA) from $10.00 to $11.00, suggesting a potential upside of 67.94% from the current stock price.
• Lake Street Capital also upgraded Envela's target price to $9.00 while maintaining a "buy" rating.
• Envela operates in the re-commerce sector, providing services such as asset recycling and IT asset management with a current market cap of $170.10 million.

Envela (NYSEAMERICAN:ELA - Get Free Report) had its price objective lifted by investment analysts at B. Riley from $10.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley's target price would indicate a potential upside of 67.94% from the company's current price.

Separately, Lake Street Capital increased their target price on shares of Envela from $7.00 to $9.00 and gave the stock a "buy" rating in a report on Thursday, May 8th.

Envela Price Performance

Shares of NYSEAMERICAN:ELA opened at $6.55 on Wednesday. The company has a 50 day moving average price of $5.94. Envela has a fifty-two week low of $4.40 and a fifty-two week high of $7.88. The firm has a market cap of $170.10 million, a P/E ratio of 19.85 and a beta of 0.22. The company has a quick ratio of 2.36, a current ratio of 4.58 and a debt-to-equity ratio of 0.17.

Institutional Investors Weigh In On Envela

Hedge funds have recently bought and sold shares of the company. Topline Capital Management LLC bought a new position in shares of Envela in the fourth quarter valued at about $5,418,000. Northern Trust Corp raised its holdings in Envela by 67.1% in the 4th quarter. Northern Trust Corp now owns 49,320 shares of the company's stock valued at $354,000 after acquiring an additional 19,799 shares during the period. Jane Street Group LLC boosted its holdings in shares of Envela by 72.8% during the fourth quarter. Jane Street Group LLC now owns 30,343 shares of the company's stock worth $218,000 after acquiring an additional 12,783 shares during the period. 683 Capital Management LLC acquired a new position in shares of Envela in the fourth quarter valued at approximately $386,000. Finally, Ancora Advisors LLC bought a new position in shares of Envela during the fourth quarter worth approximately $244,000. 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.

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