Envela (NYSEAMERICAN:ELA) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Envela Corporation's share price recently crossed above its 200-day moving average, last trading at $7.29 with a high of $7.50.
• Wall Street analysts have raised their price targets for Envela, with B. Riley setting a new target of $11.00 and two analysts rating the stock as a Buy.
• The company has seen significant institutional investment, including a 116.5% increase in holdings by Geode Capital Management in the second quarter.

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $7.50. Envela shares last traded at $7.29, with a volume of 59,589 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ELA shares. B. Riley increased their price objective on shares of Envela from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Lake Street Capital increased their price objective on shares of Envela from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Envela presently has an average rating of "Buy" and an average price target of $10.00.

Envela Trading Up 2.2%

The stock has a market cap of $189.32 million, a price-to-earnings ratio of 22.09 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. The stock's 50 day moving average price is $6.14.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Topline Capital Management LLC raised its holdings in Envela by 14.2% in the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company's stock valued at $5,278,000 after acquiring an additional 107,470 shares during the period. Bank of America Corp DE raised its holdings in Envela by 8.9% in the 2nd quarter. Bank of America Corp DE now owns 43,906 shares of the company's stock valued at $269,000 after acquiring an additional 3,583 shares during the period. New York State Common Retirement Fund bought a new position in Envela in the 2nd quarter valued at about $106,000. Hillsdale Investment Management Inc. bought a new position in Envela in the 2nd quarter valued at about $71,000. Finally, Geode Capital Management LLC raised its holdings 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 acquiring an additional 77,635 shares during the period. 8.15% of the stock is owned by institutional investors.

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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