Envela (NYSEAMERICAN:ELA) Stock Price Passes Above 200 Day Moving Average - Should You Sell?

Key Points

• Envela shares rose above their 200-day moving average, trading as high as $21.33 and last changing hands at $21.06. The move came with 135,011 shares traded.
• Analyst sentiment remains positive, with Lake Street Capital reiterating a buy rating and Zacks Research upgrading the stock to strong-buy. MarketBeat shows a consensus rating of Buy and an average price target of $22.50.
• The company recently reported quarterly earnings of $0.34 per share, matching estimates, on revenue of $98.38 million. Envela also showed solid profitability with a 32% return on equity and a 7.19% net margin.

Envela Corporation (NYSEAMERICAN:ELA - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $18.44 and traded as high as $21.33. Envela shares last traded at $21.06, with a volume of 135,011 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on ELA. Lake Street Capital reiterated a "buy" rating and set a $27.00 target price on shares of Envela in a research note on Thursday, May 7th. Zacks Research upgraded Envela from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $22.50.

Envela Trading Up 0.4%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.97 and a current ratio of 3.52. The stock has a market capitalization of $546.72 million, a price-to-earnings ratio of 26.00 and a beta of 0.37. The business has a fifty day simple moving average of $24.98 and a 200 day simple moving average of $18.44.

Envela (NYSEAMERICAN:ELA - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.34 earnings per share for the quarter, hitting analysts' consensus estimates of $0.34. Envela had a return on equity of 32.00% and a net margin of 7.19%.The company had revenue of $98.38 million during the quarter, compared to the consensus estimate of $98.39 million. As a group, research analysts expect that Envela Corporation will post 0.8 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ELA. Topline Capital Management LLC raised its position 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 valued at $5,278,000 after buying an additional 107,470 shares in the last quarter. Vanguard Group Inc. increased its stake in Envela by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 455,034 shares of the company's stock worth $3,554,000 after acquiring an additional 2,737 shares during the period. Renaissance Technologies LLC increased its stake in Envela by 35.9% during the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company's stock worth $4,348,000 after acquiring an additional 68,900 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Envela by 12.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company's stock valued at $3,486,000 after acquiring an additional 23,875 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Envela by 20.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company's stock valued at $2,749,000 after acquiring an additional 28,049 shares during the period. Institutional investors and hedge funds own 8.15% of the company's stock.

About Envela

Envela Corporation is a technology-enabled asset recovery and monetization company that specializes in the acquisition, refurbishment and resale of pre-owned consumer electronics and jewelry, as well as the manufacture and distribution of industrial diamonds. Through its integrated platform, the company sources assets from individuals, retailers and corporate clients, employing proprietary software and physical channel operations to optimize value recovery across multiple product categories.

Originally founded as American Jewelry Liquidators, the business rebranded as Envela in 2018 to reflect its broader strategic focus beyond jewelry.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.