Envela (NYSEAMERICAN:ELA) Stock Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Envela Corporation's stock price has recently surpassed its 200-day moving average, reaching a high of $6.00 before closing at $5.64 with a trading volume of 24,114 shares.
• Analysts at Lake Street Capital have raised their price target for Envela from $7.00 to $9.00, maintaining a "buy" rating for the stock.
• Institutional investors have significantly increased their holdings in Envela, with 8.15% of the stock now owned by these investors, reflecting growing confidence in the company's future prospects.

Shares of Envela Corporation (NYSEAMERICAN:ELA - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as high as $6.00. Envela shares last traded at $5.64, with a volume of 24,114 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital lifted their price target on Envela from $7.00 to $9.00 and gave the stock a "buy" rating in a report on Thursday, May 8th.

Envela Trading Up 0.4%

The stock's 50 day moving average price is $5.90. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.31 and a current ratio of 4.51. The company has a market cap of $146.64 million, a price-to-earnings ratio of 20.14 and a beta of 0.22.

Institutional Trading of Envela

Several institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its stake in shares of Envela by 217.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 38,839 shares of the company's stock valued at $279,000 after acquiring an additional 26,598 shares in the last quarter. Topline Capital Management LLC acquired a new stake in shares of Envela during the 4th quarter worth $5,418,000. Northern Trust Corp raised its stake in Envela by 67.1% in the fourth quarter. Northern Trust Corp now owns 49,320 shares of the company's stock valued at $354,000 after purchasing an additional 19,799 shares in the last quarter. Jane Street Group LLC lifted its position in Envela by 72.8% during the fourth quarter. Jane Street Group LLC now owns 30,343 shares of the company's stock worth $218,000 after purchasing an additional 12,783 shares during the period. Finally, 683 Capital Management LLC acquired a new stake in Envela during the fourth quarter worth about $386,000. 8.15% of the stock is currently owned by institutional investors.

About Envela

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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