Envela (NYSEAMERICAN:ELA) Share Price Passes Above 200-Day Moving Average - What's Next?

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.60 and traded as high as $8.13. Envela shares last traded at $8.03, with a volume of 33,903 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ELA. Zacks Research upgraded Envela from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. B. Riley upped their price objective on Envela from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $10.00.

Envela Stock Up 0.4%

The company has a 50-day moving average of $7.52 and a 200-day moving average of $6.60. The company has a market capitalization of $208.54 million, a price-to-earnings ratio of 24.33 and a beta of 0.34. The company has a current ratio of 4.58, a quick ratio of 2.36 and a debt-to-equity ratio of 0.17.

Institutional Trading of Envela

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Adamsbrown Wealth Consultants LLC acquired a new stake in Envela during the second quarter worth about $61,000. NewEdge Advisors LLC grew its holdings in 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 acquiring an additional 10,004 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Envela during the second quarter worth about $71,000. Allspring Global Investments Holdings LLC acquired a new stake in Envela during the third quarter worth about $110,000. Finally, New York State Common Retirement Fund acquired a new stake in Envela during the second quarter worth about $106,000. 8.15% of the stock is owned by institutional investors and hedge funds.

Envela Company Profile

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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