Zacks Research Upgrades Envela (NYSEAMERICAN:ELA) to "Strong-Buy"

Key Points

• Zacks Research has upgraded Envela (NYSEAMERICAN: ELA) from a "hold" rating to a "strong-buy" rating, indicating increased confidence in the company's stock performance.
• B. Riley raised Envela's target price from $10.00 to $11.00, maintaining a "buy" rating, thus reflecting optimism among analysts regarding the company's future.
• The stock has shown significant interest from institutional investors, with several hedge funds increasing their stakes, indicating growing confidence in Envela's market position.

Envela (NYSEAMERICAN:ELA - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Separately, B. Riley boosted their target price on shares of Envela from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $10.00.

Envela Price Performance

Shares of NYSEAMERICAN ELA opened at $7.27 on Monday. Envela has a 52-week low of $5.10 and a 52-week high of $8.36. The business's 50 day moving average is $7.14 and its two-hundred day moving average is $6.50. The company has a quick ratio of 2.36, a current ratio of 4.58 and a debt-to-equity ratio of 0.17. The firm has a market cap of $188.80 million, a price-to-earnings ratio of 22.03 and a beta of 0.34.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ELA. Mink Brook Asset Management LLC grew its stake in shares of Envela by 13.7% during the 1st quarter. Mink Brook Asset Management LLC now owns 1,299,523 shares of the company's stock valued at $8,096,000 after buying an additional 156,754 shares during the period. Topline Capital Management LLC lifted its holdings in shares of Envela by 14.2% during the 2nd quarter. Topline Capital Management LLC now owns 862,433 shares of the company's stock valued at $5,278,000 after acquiring an additional 107,470 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Envela by 116.5% during the 2nd quarter. Geode Capital Management LLC now owns 144,247 shares of the company's stock valued at $883,000 after acquiring an additional 77,635 shares in the last quarter. Leo Wealth LLC acquired a new position in shares of Envela during the 2nd quarter valued at $132,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Envela during the 2nd quarter valued at $106,000. 8.15% of the stock is owned by hedge funds and other institutional investors.

About Envela

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.

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