Envela (NYSEAMERICAN:ELA) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Envela Co. (NYSEAMERICAN:ELA) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $7.30. Envela shares last traded at $7.15, with a volume of 9,477 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital upped their price target on shares of Envela from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, November 6th.

Envela Stock Down 1.4 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 4.76 and a quick ratio of 2.08. The firm has a market capitalization of $185.90 million, a price-to-earnings ratio of 29.79 and a beta of 0.31.

Envela (NYSEAMERICAN:ELA) last released its earnings results on Tuesday, November 5th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. The business had revenue of $46.90 million during the quarter, compared to the consensus estimate of $39.85 million. Envela had a return on equity of 13.01% and a net margin of 3.83%. As a group, research analysts anticipate that Envela Co. will post 0.24 EPS for the current year.

Hedge Funds Weigh In On Envela

Institutional investors have recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of Envela by 113.7% in the 3rd quarter. Barclays PLC now owns 5,025 shares of the company’s stock valued at $28,000 after acquiring an additional 2,674 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Envela in the second quarter valued at about $42,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Envela in the second quarter worth about $50,000. US Bancorp DE purchased a new stake in shares of Envela during the third quarter valued at about $339,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Envela by 11.8% in the 2nd quarter. Renaissance Technologies LLC now owns 195,428 shares of the company’s stock valued at $877,000 after buying an additional 20,624 shares in the last quarter. 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.