Envestnet, Inc. (NYSE:ENV) Sees Large Decrease in Short Interest

Envestnet, Inc. (NYSE:ENV) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,230,000 shares, a decrease of 24.9% from the September 15th total of 2,970,000 shares. Based on an average daily volume of 1,140,000 shares, the short-interest ratio is currently 2.0 days.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ENV shares. Raymond James cut Envestnet from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, July 17th. DA Davidson restated a “neutral” rating and set a $63.00 price objective on shares of Envestnet in a research note on Wednesday, September 18th. StockNews.com started coverage on Envestnet in a research note on Friday. They set a “sell” rating on the stock. William Blair restated a “market perform” rating on shares of Envestnet in a research note on Thursday, July 11th. Finally, UBS Group restated a “neutral” rating and set a $63.15 price objective (down previously from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Envestnet presently has an average rating of “Hold” and an average price target of $61.88.

Envestnet Price Performance

NYSE:ENV traded down $0.06 during trading hours on Tuesday, reaching $62.72. 122,991 shares of the company’s stock were exchanged, compared to its average volume of 691,890. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.70. The company has a market capitalization of $3.46 billion, a P/E ratio of -17.62 and a beta of 1.25. Envestnet has a 12 month low of $33.12 and a 12 month high of $73.04. The business’s 50-day simple moving average is $62.62 and its two-hundred day simple moving average is $62.65.

Envestnet (NYSE:ENV) last announced its earnings results on Friday, August 9th. The business services provider reported $0.55 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.07). Envestnet had a negative net margin of 19.33% and a positive return on equity of 17.02%. The company had revenue of $348.30 million for the quarter, compared to analysts’ expectations of $342.90 million. During the same period in the prior year, the company earned $0.22 earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. Sell-side analysts expect that Envestnet will post 1.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Envestnet

Hedge funds have recently bought and sold shares of the business. Innealta Capital LLC purchased a new stake in Envestnet in the 2nd quarter worth approximately $46,000. Quest Partners LLC raised its holdings in shares of Envestnet by 6,220.8% during the second quarter. Quest Partners LLC now owns 1,517 shares of the business services provider’s stock worth $95,000 after acquiring an additional 1,493 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Envestnet during the first quarter valued at $168,000. Federated Hermes Inc. grew its stake in Envestnet by 80.0% in the second quarter. Federated Hermes Inc. now owns 2,700 shares of the business services provider’s stock valued at $169,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Envestnet in the 2nd quarter worth about $191,000.

About Envestnet

Envestnet, Inc, through its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through two segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Wealth Analytics that transforms data into actionable intelligence; Envestnet | Tamarac which provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.