Envela (NYSEAMERICAN:ELA) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

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 stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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 changing hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Lake Street Capital boosted their price objective on shares of Envela from $7.00 to $9.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. B. Riley boosted their price objective on shares of Envela from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Envela currently has a consensus rating of "Buy" and a consensus price target of $10.00.

Envela Price Performance

The company has a current ratio of 4.58, a quick ratio of 2.36 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $6.25. The company has a market capitalization of $191.40 million, a PE ratio of 22.33 and a beta of 0.22.

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently bought and sold shares of ELA. Mink Brook Asset Management LLC acquired a new position in Envela during the fourth quarter worth approximately $8,205,000. Topline Capital Management LLC grew its stake in Envela by 14.2% during 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 period. Geode Capital Management LLC grew its stake in Envela by 116.5% during 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 period. 683 Capital Management LLC purchased a new stake in Envela during the fourth quarter worth approximately $386,000. Finally, Ancora Advisors LLC purchased a new stake in Envela during the fourth quarter worth approximately $244,000. Institutional investors and hedge funds own 8.15% of the company's stock.

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.