Renaissance Technologies LLC Increases Stock Position in Envela Corporation $ELA

Key Points

• Renaissance Technologies increased its Envela stake by 35.9% in the first quarter, bringing its holdings to 261,004 shares worth approximately $4.35 million. Institutional investors collectively own 8.15% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $25.00, despite Zacks downgrading the stock to “Hold” and B. Riley trimming its target to $23.
• Envela reported quarterly EPS of $0.16, beating estimates of $0.14, while revenue of $56.77 million fell short of the $59.94 million consensus forecast. The stock opened at $18.03, compared with a 52-week range of $5.74 to $29.68.

Renaissance Technologies LLC increased its holdings in Envela Corporation (NYSEAMERICAN:ELA - Free Report) by 35.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 261,004 shares of the company's stock after acquiring an additional 68,900 shares during the quarter. Renaissance Technologies LLC owned approximately 1.01% of Envela worth $4,348,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Topline Capital Management LLC grew its position in Envela by 14.2% during the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company's stock worth $5,278,000 after purchasing an additional 107,470 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Envela by 0.6% during the third quarter. Vanguard Group Inc. now owns 455,034 shares of the company's stock worth $3,554,000 after buying an additional 2,737 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Envela by 12.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 209,257 shares of the company's stock worth $3,486,000 after buying an additional 23,875 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Envela by 20.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 164,980 shares of the company's stock worth $2,749,000 after buying an additional 28,049 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Envela by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 149,107 shares of the company's stock worth $1,995,000 after buying an additional 5,086 shares during the last quarter. Hedge funds and other institutional investors own 8.15% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ELA shares. Lake Street Capital restated a "buy" rating and issued a $27.00 price target on shares of Envela in a research report on Thursday, May 7th. Zacks Research downgraded Envela from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 28th. Finally, B. Riley Financial dropped their target price on Envela from $24.00 to $23.00 and set a "buy" rating on the stock in a report on Thursday. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Envela presently has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Envela Price Performance

ELA stock opened at $18.03 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.97 and a current ratio of 3.52. The stock's 50 day moving average price is $24.00 and its 200 day moving average price is $19.24. The firm has a market cap of $468.06 million, a P/E ratio of 20.97 and a beta of 0.41. Envela Corporation has a 1 year low of $5.74 and a 1 year high of $29.68.

Envela (NYSEAMERICAN:ELA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $56.77 million for the quarter, compared to the consensus estimate of $59.94 million. Envela had a return on equity of 32.89% and a net margin of 7.63%. On average, sell-side analysts expect that Envela Corporation will post 0.8 earnings per share for the current fiscal year.

Envela Company 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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