Inspire Investing LLC Makes New Investment in Envela Corporation $ELA

Key Points

• Inspire Investing acquired 182,016 Envela shares worth approximately $2.2 million, giving it a 0.70% stake. Institutional investors collectively own 8.15% of the company.
• Analyst sentiment remains cautiously positive, with two Buy ratings and one Hold rating. Envela has a “Moderate Buy” consensus and a $25 average price target, despite B. Riley lowering its target to $23.
• Envela exceeded quarterly earnings expectations, reporting $0.16 in EPS versus the $0.14 consensus, while revenue totaled $56.77 million. Shares opened at $11.25, well below their 52-week high of $29.68.

Inspire Investing LLC acquired a new position in Envela Corporation (NYSEAMERICAN:ELA - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 182,016 shares of the company's stock, valued at approximately $2,199,000. Inspire Investing LLC owned 0.70% of Envela as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ELA. IFP Advisors Inc grew its stake in shares of Envela by 117.8% in the third quarter. IFP Advisors Inc now owns 6,817 shares of the company's stock worth $82,000 after acquiring an additional 3,687 shares during the period. Deutsche Bank AG bought a new stake in Envela during the second quarter valued at about $191,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Envela in the second quarter valued at about $218,000. Engineers Gate Manager LP bought a new stake in Envela during the 2nd quarter valued at approximately $228,000. Finally, Bank of New York Mellon Corp lifted its holdings in Envela by 32.8% in the 1st quarter. Bank of New York Mellon Corp now owns 15,484 shares of the company's stock worth $258,000 after purchasing an additional 3,820 shares in the last quarter. Institutional investors own 8.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ELA. B. Riley Financial reduced their target price on Envela from $24.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Zacks Research downgraded shares of Envela from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $25.00.

Envela Price Performance

Shares of ELA stock opened at $11.25 on Monday. The company has a market cap of $292.05 million, a P/E ratio of 13.08 and a beta of 0.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.24 and a quick ratio of 2.61. The stock's 50-day moving average is $13.03 and its 200 day moving average is $18.98. Envela Corporation has a 1-year low of $8.41 and a 1-year high of $29.68.

Envela (NYSEAMERICAN:ELA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Envela had a net margin of 7.63% and a return on equity of 31.49%. The business had revenue of $56.77 million for the quarter, compared to analysts' expectations of $56.77 million. Research analysts predict that Envela Corporation will post 0.80 earnings per share for the current fiscal year.

About Envela

Envela Corporation is a precious-metals and specialty-asset company that operates through retail and wholesale businesses. Its retail operations buy and sell precious metals, jewelry, watches, diamonds, coins, and other collectibles. The company serves consumers seeking to purchase, sell, or exchange valuable items through its retail locations and related channels.

Through its wholesale activities, Envela processes and recycles precious metals recovered from jewelry, industrial materials, and other sources.

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