Envela Corporation (NYSEAMERICAN:ELA) Short Interest Down 19.7% in April
by Teresa Graham · The Cerbat GemEnvela Corporation (NYSEAMERICAN:ELA – Get Free Report) was the recipient of a significant decline in short interest in April. As of April 15th, there was short interest totaling 135,316 shares, a decline of 19.7% from the March 31st total of 168,560 shares. Based on an average daily volume of 62,967 shares, the short-interest ratio is presently 2.1 days. Currently, 2.0% of the shares of the stock are sold short.
Institutional Investors Weigh In On Envela
Several hedge funds have recently modified their holdings of the stock. Tradewinds Capital Management LLC purchased a new position in Envela in the 4th quarter worth about $36,000. NewEdge Advisors LLC raised its holdings in Envela by 1,015.6% during the 1st quarter. NewEdge Advisors LLC now owns 10,989 shares of the company’s stock worth $68,000 after buying an additional 10,004 shares during the period. Deutsche Bank AG lifted its stake 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 buying an additional 5,157 shares in the last quarter. Wells Fargo & Company MN boosted its holdings 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 worth $97,000 after buying an additional 3,191 shares during the period. Finally, New York State Common Retirement Fund acquired a new position in shares of Envela in the second quarter worth about $106,000. 8.15% of the stock is owned by hedge funds and other institutional investors.
Envela Price Performance
NYSEAMERICAN:ELA traded up $0.19 during trading hours on Friday, reaching $17.80. 62,509 shares of the company’s stock were exchanged, compared to its average volume of 62,018. The company has a quick ratio of 1.63, a current ratio of 3.50 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $462.09 million, a P/E ratio of 31.23 and a beta of 0.26. Envela has a 12 month low of $5.33 and a 12 month high of $18.98. The business’s 50-day simple moving average is $15.68 and its two-hundred day simple moving average is $13.18.
Envela (NYSEAMERICAN:ELA – Get Free Report) last posted its quarterly earnings results on Wednesday, March 18th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.14. The company had revenue of $80.50 million for the quarter, compared to analysts’ expectations of $52.25 million. Envela had a return on equity of 24.22% and a net margin of 6.06%. Sell-side analysts expect that Envela will post 0.59 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. Zacks Research downgraded Envela from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. B. Riley Financial raised their target price on Envela from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Finally, Lake Street Capital boosted their price target on shares of Envela from $12.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Envela has a consensus rating of “Moderate Buy” and an average target price of $16.50.
Read Our Latest Analysis on Envela
About Envela
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.