Short Interest in Envestnet, Inc. (NYSE:ENV) Declines By 24.9%

by · The Cerbat Gem

Envestnet, Inc. (NYSE:ENV – Get Free Report) was the target of a large decrease in short interest in 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 trading volume of 1,140,000 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Trading of Envestnet

Several hedge funds have recently added to or reduced their stakes in ENV. Innealta Capital LLC acquired a new stake in Envestnet in the 2nd quarter worth $46,000. Quest Partners LLC raised its stake in 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 increased its position in shares of Envestnet by 54.2% during the 3rd quarter. SG Americas Securities LLC now owns 2,687 shares of the business services provider’s stock worth $168,000 after purchasing an additional 945 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Envestnet by 80.0% during the 2nd 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 during the last quarter. Finally, Summit Securities Group LLC acquired a new position in Envestnet in the second quarter valued at about $191,000.

Analyst Ratings Changes

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

View Our Latest Report on Envestnet

Envestnet Stock Performance

Envestnet stock traded down $0.06 during trading hours on Tuesday, reaching $62.72. 65,586 shares of the company were exchanged, compared to its average volume of 691,587. Envestnet has a 12 month low of $33.12 and a 12 month high of $73.04. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.70. The stock has a 50-day moving average of $62.62 and a 200 day moving average of $62.65. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -17.62 and a beta of 1.25.

Envestnet (NYSE:ENV – Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.07). The firm had revenue of $348.30 million for the quarter, compared to the consensus estimate of $342.90 million. Envestnet had a positive return on equity of 17.02% and a negative net margin of 19.33%. Envestnet’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. As a group, research analysts anticipate that Envestnet will post 1.71 earnings per share for the current year.

About Envestnet

(Get Free Report)

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.

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