Zacks Research Downgrades Envela (NYSEAMERICAN:ELA) to Hold

Key Points

• Zacks Research downgraded Envela from “strong buy” to “hold,” while Lake Street Capital maintained a “buy” rating with a $27 price target. Analysts’ consensus remains “Moderate Buy,” with an average target of $22.50.
• Envela’s shares opened at $21.22, below their 50-day moving average of $24.51 but above the 200-day average of $18.95. The stock has traded between $5.42 and $29.68 over the past year.
• The company met quarterly expectations with $0.34 earnings per share and $98.38 million in revenue, while institutional investors and hedge funds own 8.15% of Envela’s stock.

Envela (NYSEAMERICAN:ELA - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

Separately, Lake Street Capital restated a "buy" rating and set a $27.00 target price on shares of Envela in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.50.

Envela Stock Performance

ELA opened at $21.22 on Tuesday. The firm has a fifty day moving average price of $24.51 and a 200 day moving average price of $18.95. Envela has a 1 year low of $5.42 and a 1 year high of $29.68. The stock has a market cap of $550.87 million, a P/E ratio of 26.20 and a beta of 0.37. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.52 and a quick ratio of 1.97.

Envela (NYSEAMERICAN:ELA - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. Envela had a net margin of 7.19% and a return on equity of 32.00%. The company had revenue of $98.38 million for the quarter, compared to analyst estimates of $98.39 million. Equities research analysts anticipate that Envela will post 0.8 earnings per share for the current year.

Institutional Investors Weigh In On Envela

A number of institutional investors have recently added to or reduced their stakes in ELA. NewEdge Advisors LLC increased its holdings in Envela by 1,015.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company's stock worth $68,000 after acquiring an additional 10,004 shares in the last quarter. Deutsche Bank AG lifted its holdings in Envela by 471.0% during the fourth quarter. Deutsche Bank AG now owns 6,252 shares of the company's stock valued at $84,000 after purchasing an additional 5,157 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Envela by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 7,275 shares of the company's stock valued at $97,000 after purchasing an additional 3,191 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Envela in the second quarter valued at about $106,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Envela during the fourth quarter worth about $134,000. Institutional investors and hedge funds own 8.15% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.