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

Key Points

• Envela Corporation's stock price surpassed its 200-day moving average, trading as high as $7.47 with a trading volume of 40,037 shares.
• Analysts have raised their price targets for Envela, with B. Riley increasing its target from $10.00 to $11.00 and Lake Street Capital from $7.00 to $9.00, both maintaining a "buy" rating.
• Several hedge funds have recently increased their holdings in Envela, with Topline Capital Management boosting its stake by 14.2% during the second quarter.

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $0.00 and traded as high as $7.47. Envela shares last traded at $7.47, with a volume of 40,037 shares changing hands.

Analyst Ratings Changes

ELA has been the subject of a number of research analyst reports. B. Riley raised their target price on 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 raised their price objective on Envela from $7.00 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $10.00.

Envela Trading Down 2.8%

The company has a market cap of $190.10 million, a P/E ratio of 22.18 and a beta of 0.29. The firm's 50 day moving average is $6.40. The company has a quick ratio of 2.36, a current ratio of 4.58 and a debt-to-equity ratio of 0.17.

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently bought and sold shares of ELA. Millennium Management LLC lifted its holdings in Envela by 4.2% in the 4th quarter. Millennium Management LLC now owns 55,907 shares of the company's stock worth $401,000 after buying an additional 2,253 shares in the last quarter. Bank of America Corp DE lifted its holdings in Envela by 8.9% during the 2nd quarter. Bank of America Corp DE now owns 43,906 shares of the company's stock worth $269,000 after buying an additional 3,583 shares during the last quarter. Jane Street Group LLC raised its position in shares of 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 acquiring an additional 3,681 shares in the last quarter. Adamsbrown Wealth Consultants LLC acquired a new position in Envela in the second quarter worth $61,000. Finally, NewEdge Advisors LLC raised its holdings 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 period. 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.