410,553 Shares in Envela Corporation $ELA Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 410,553 shares of Envela during the second quarter, worth approximately $11.9 million and representing a 1.58% stake. Institutional investors collectively own 8.15% of the company.
• Envela reported quarterly earnings per share of $0.16, beating analysts’ $0.14 estimate, while revenue reached $56.77 million in line with expectations.
• Analysts maintain a “Moderate Buy” consensus with a $25.00 target price, although Zacks Research downgraded the stock to “Hold” and B. Riley lowered its target to $23.00.

BlackRock Inc. bought a new position in Envela Corporation (NYSEAMERICAN:ELA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 410,553 shares of the company's stock, valued at approximately $11,857,000. BlackRock Inc. owned about 1.58% of Envela as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Deutsche Bank AG purchased a new position in Envela in the second quarter valued at approximately $191,000. Bank of New York Mellon Corp purchased a new position in shares of Envela during the 2nd quarter valued at approximately $508,000. Renaissance Technologies LLC increased its position in shares of Envela by 35.9% in the 1st quarter. Renaissance Technologies LLC now owns 261,004 shares of the company's stock worth $4,348,000 after purchasing an additional 68,900 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Envela by 20.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company's stock valued at $2,749,000 after buying an additional 28,049 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in Envela by 100.0% during the first quarter. Sei Investments Co. now owns 118,342 shares of the company's stock worth $1,972,000 after purchasing an additional 59,171 shares during the last quarter. 8.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Zacks Research lowered Envela from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 28th. B. Riley Financial decreased their target price on Envela from $24.00 to $23.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Envela presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Envela Stock Up 2.4%

NYSEAMERICAN ELA opened at $14.07 on Friday. Envela Corporation has a 1-year low of $6.95 and a 1-year high of $29.68. The company has a current ratio of 4.24, a quick ratio of 2.61 and a debt-to-equity ratio of 0.03. The stock's 50 day moving average is $19.36 and its two-hundred day moving average is $19.41. The company has a market capitalization of $365.26 million, a price-to-earnings ratio of 16.36 and a beta of 0.37.

Envela (NYSEAMERICAN:ELA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The firm had revenue of $56.77 million during the quarter, compared to analysts' expectations of $56.77 million. Envela had a net margin of 7.63% and a return on equity of 31.49%. Equities analysts forecast that Envela Corporation will post 0.8 earnings per share for the current fiscal year.

Envela Profile

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.

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