B. Riley Financial Has Lowered Expectations for Envela (NYSEAMERICAN:ELA) Stock Price

Key Points

• B. Riley Financial lowered Envela’s price target from $24 to $23 while maintaining a “buy” rating, implying approximately 29% upside from the stock’s $17.83 price. The analyst consensus remains “Moderate Buy” with a $25 average target.
• Envela’s latest quarterly results beat expectations on earnings, reporting $0.16 EPS versus the $0.12 consensus, although revenue of $56.77 million fell short of the $59.95 million estimate.
• Institutional ownership stands at 8.15%, with several hedge funds increasing their positions. The stock has traded between $5.74 and $29.68 over the past year and is currently below its 50-day moving average of $24.19.

Envela (NYSEAMERICAN:ELA - Get Free Report) had its price target dropped by equities researchers at B. Riley Financial from $24.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's price target would indicate a potential upside of 29.00% from the company's current price.

Several other equities research analysts have also recently weighed in on the company. Lake Street Capital reissued a "buy" rating and set a $27.00 price objective on shares of Envela in a research note on Thursday, May 7th. Zacks Research downgraded Envela from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Envela presently has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Envela Price Performance

Shares of ELA traded down $3.38 during midday trading on Thursday, hitting $17.83. 68,769 shares of the company traded hands, compared to its average volume of 116,080. The firm has a 50 day moving average of $24.19 and a 200-day moving average of $19.22. Envela has a 52 week low of $5.74 and a 52 week high of $29.68. The stock has a market cap of $462.87 million, a price-to-earnings ratio of 22.20 and a beta of 0.41. 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 (NYSEAMERICAN:ELA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.04. The company had revenue of $56.77 million for the quarter, compared to the consensus estimate of $59.95 million. Envela had a net margin of 7.19% and a return on equity of 32.00%. On average, analysts forecast that Envela will post 0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Envela

Large investors have recently bought and sold shares of the business. NewEdge Advisors LLC lifted its position in shares of Envela by 1,015.6% during the first quarter. NewEdge Advisors LLC now owns 10,989 shares of the company's stock worth $68,000 after purchasing an additional 10,004 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Envela by 82.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 30,334 shares of the company's stock worth $189,000 after buying an additional 13,699 shares during the period. Jane Street Group LLC lifted its holdings in Envela by 12.1% during the 1st quarter. Jane Street Group LLC now owns 34,024 shares of the company's stock valued at $212,000 after buying an additional 3,681 shares in the last quarter. Geode Capital Management LLC boosted its position in Envela by 116.5% in the 2nd quarter. Geode Capital Management LLC now owns 144,247 shares of the company's stock valued at $883,000 after buying an additional 77,635 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in Envela in the 2nd quarter valued at about $106,000. Hedge funds and other institutional investors own 8.15% of the company's stock.

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.

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