Mink Brook Asset Management LLC Grows Stock Position in Envela Corporation $ELA

Key Points

• Mink Brook Asset Management LLC has increased its holdings in Envela Corporation by 13.7%, now owning about 1.3 million shares valued at approximately $8.1 million.
• Investment analysts have recently raised their target price for Envela, with Lake Street Capital increasing it from $7.00 to $9.00 and B. Riley from $10.00 to $11.00, both maintaining a "buy" rating.
• As of the latest update, Envela's stock is trading at $7.29 with a market cap of $189.32 million, and it has a consensus rating of "Buy" with an average price target of $10.00.

Mink Brook Asset Management LLC boosted its holdings in Envela Corporation (NYSEAMERICAN:ELA - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,299,523 shares of the company's stock after purchasing an additional 156,754 shares during the period. Envela comprises 8.5% of Mink Brook Asset Management LLC's holdings, making the stock its 5th largest position. Mink Brook Asset Management LLC owned approximately 5.00% of Envela worth $8,096,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Millennium Management LLC boosted its position in Envela by 4.2% in the fourth quarter. Millennium Management LLC now owns 55,907 shares of the company's stock worth $401,000 after purchasing an additional 2,253 shares during the last quarter. 683 Capital Management LLC bought a new stake in shares of Envela in the fourth quarter valued at $386,000. Northern Trust Corp raised its stake in shares of 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 buying an additional 19,799 shares during the period. Ancora Advisors LLC bought a new stake in shares of Envela in the fourth quarter valued at $244,000. Finally, Jane Street Group LLC raised its stake in shares of Envela by 72.8% in the fourth quarter. Jane Street Group LLC now owns 30,343 shares of the company's stock valued at $218,000 after buying an additional 12,783 shares during the period. Hedge funds and other institutional investors own 8.15% of the company's stock.

Envela Stock Up 0.9%

Shares of NYSEAMERICAN:ELA traded up $0.07 during midday trading on Friday, reaching $7.41. 23,039 shares of the company traded hands, compared to its average volume of 30,596. The company has a quick ratio of 2.36, a current ratio of 4.58 and a debt-to-equity ratio of 0.17. Envela Corporation has a 12 month low of $4.40 and a 12 month high of $7.88. The company has a market capitalization of $192.31 million, a price-to-earnings ratio of 22.44 and a beta of 0.22. The business's fifty day moving average price is $6.27.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. B. Riley boosted their target price on Envela from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Lake Street Capital boosted their target price on Envela from $7.00 to $9.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $10.00.

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.