Envela (NYSEAMERICAN:ELA) Shares Cross Above 200 Day Moving Average - Time to Sell?

Key Points

• Envela Corporation's shares have crossed above the 200-day moving average of $6.33, reaching a high of $8.36 before settling at $8.10.
• Analysts from B. Riley raised Envela's target price from $10.00 to $11.00 and recommend a "buy" rating, contributing to a consensus rating of "Buy" among stock analysts.
• Institutional investors have increased their holdings in Envela, with notable increases from firms such as Mink Brook Asset Management and Geode Capital Management, reflecting growing interest in the company.

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $6.33 and traded as high as $8.36. Envela shares last traded at $8.10, with a volume of 174,652 shares trading hands.

Wall Street Analyst Weigh In

Separately, B. Riley raised their target price on shares of Envela from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Envela currently has a consensus rating of "Buy" and an average target price of $10.00.

Envela Trading Up 1.8%

The company has a market capitalization of $210.36 million, a price-to-earnings ratio of 24.55 and a beta of 0.29. The company has a quick ratio of 2.36, a current ratio of 4.58 and a debt-to-equity ratio of 0.17. The company's 50 day simple moving average is $6.77 and its two-hundred day simple moving average is $6.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ELA. Mink Brook Asset Management LLC raised its holdings in shares of Envela by 13.7% in the first quarter. Mink Brook Asset Management LLC now owns 1,299,523 shares of the company's stock worth $8,096,000 after buying an additional 156,754 shares during the last quarter. Topline Capital Management LLC raised its holdings in shares of Envela by 14.2% in the second quarter. Topline Capital Management LLC now owns 862,433 shares of the company's stock worth $5,278,000 after buying an additional 107,470 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Envela by 116.5% in the second quarter. Geode Capital Management LLC now owns 144,247 shares of the company's stock worth $883,000 after buying an additional 77,635 shares during the last quarter. Leo Wealth LLC purchased a new position in shares of Envela in the second quarter worth $132,000. Finally, Northern Trust Corp raised its holdings in shares of Envela by 67.1% in the fourth quarter. Northern Trust Corp now owns 49,320 shares of the company's stock worth $354,000 after buying an additional 19,799 shares during the last quarter. Hedge funds and other institutional investors own 8.15% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.