EVI Industries (NYSEAMERICAN:EVI) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• EVI Industries' stock price has recently surpassed its 200-day moving average, trading as high as $25.91 before settling at $24.41.
• Analyst sentiment is positive, with Wall Street Zen upgrading EVI from a "hold" to a "buy" rating and setting a target price of $28.00.
• Hedge fund interest is growing, with significant increases in holdings from several funds, including SVB Wealth LLC and Tower Research Capital LLC.

EVI Industries, Inc. (NYSEAMERICAN:EVI - Get Free Report)'s share 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 $25.91. EVI Industries shares last traded at $24.41, with a volume of 11,331 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wall Street Zen upgraded EVI Industries from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. DA Davidson assumed coverage on EVI Industries in a research note on Friday, June 6th. They issued a "buy" rating and a $28.00 price objective on the stock. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $28.00.

EVI Industries Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.51 and a quick ratio of 0.86. The stock has a market cap of $312.62 million, a PE ratio of 50.00 and a beta of -0.02. The business's 50 day moving average price is $22.94.

Hedge Funds Weigh In On EVI Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its stake in EVI Industries by 237.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,001 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 1,408 shares during the period. King Luther Capital Management Corp increased its stake in EVI Industries by 13.5% during the second quarter. King Luther Capital Management Corp now owns 210,500 shares of the industrial products company's stock valued at $4,595,000 after acquiring an additional 25,000 shares during the period. Los Angeles Capital Management LLC bought a new position in EVI Industries during the second quarter valued at about $381,000. Conestoga Capital Advisors LLC boosted its holdings in EVI Industries by 2.7% during the second quarter. Conestoga Capital Advisors LLC now owns 833,551 shares of the industrial products company's stock valued at $18,196,000 after purchasing an additional 21,891 shares in the last quarter. Finally, Hilltop National Bank acquired a new stake in EVI Industries during the second quarter valued at approximately $90,000. 37.30% of the stock is currently owned by institutional investors.

EVI Industries Company Profile

EVI Industries, Inc, through its subsidiaries, engages in the distribution, sale, rental, and lease of commercial and industrial laundry and dry-cleaning equipment in the United States, Canada, the Caribbean, and Latin America. The company sells and/or leases commercial laundry equipment specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications.