Envela (NYSEAMERICAN:ELA) Stock Passes Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Envela Corporation has crossed above its 200-day moving average during trading, reaching a high of $7.09 and closing at $6.97.
• Analysts have raised their price targets for Envela, with B. Riley setting it at $11.00 and Lake Street Capital at $9.00, both maintaining a "buy" rating.
• Institutional investor activity is increasing, with significant new positions taken by companies like Adamsbrown Wealth Consultants and NewEdge Advisors LLC.

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.00 and traded as high as $7.09. Envela shares last traded at $6.97, with a volume of 38,216 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ELA. B. Riley raised their target price on shares of Envela from $10.00 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday. Lake Street Capital raised their target price on shares of Envela from $7.00 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th.

Envela Price Performance

The firm has a fifty day simple moving average of $6.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.58 and a quick ratio of 2.36. The firm has a market capitalization of $180.23 million, a P/E ratio of 21.03 and a beta of 0.22.

Hedge Funds Weigh In On Envela

Institutional investors have recently bought and sold shares of the stock. Mink Brook Asset Management LLC acquired a new stake in Envela in the 4th quarter worth approximately $8,205,000. Topline Capital Management LLC acquired a new stake in Envela in the 4th quarter worth approximately $5,418,000. Geode Capital Management LLC lifted 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 worth $883,000 after purchasing an additional 77,635 shares during the last quarter. 683 Capital Management LLC acquired a new stake in Envela in the 4th quarter worth approximately $386,000. Finally, Ancora Advisors LLC acquired a new stake in Envela in the 4th quarter worth approximately $244,000. Hedge funds and other institutional investors 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.