Envela (NYSEAMERICAN:ELA) Price Target Increased to $7.00

Envela Corporation (NYSEAMERICAN:ELA) recently had its price target increased by Lake Street Capital, moving from $6.00 to $7.00. This information was highlighted in a research note published on Wednesday. Lake Street Capital has assigned a buy rating to the stock, indicating confidence in its future performance.

Envela Stock Performance

On the same day, Envela's stock opened at $6.00 and saw an increase of 2.2%. The company boasts a current ratio of 4.76 and a quick ratio of 2.72, showcasing its liquidity. Additionally, Envela has a debt-to-equity ratio of 0.25, indicating a manageable amount of debt relative to its equity. Over the past year, the stock has experienced a low of $3.02 and peaked at $6.00, with a current market capitalization of approximately $156 million. The company's price-to-earnings ratio stands at 25.00, and it has a beta of 0.25, suggesting lower volatility compared to the market.

Envela Corporation disclosed its latest earnings results on November 5th, where it reported earnings of $0.06 per share for the most recent quarter. This figure surpassed the consensus estimate of $0.03 by $0.03. The company achieved a return on equity of 13.01% and a net margin of 3.83%. Envela's revenue for the quarter reached $46.90 million, exceeding analyst expectations of $39.85 million. Analysts anticipate that the company will post an EPS of 0.24 for the current fiscal year.

Institutional Interest in Envela

Recent activity among institutional investors reveals increased interest in Envela stock. In the third quarter, US Bancorp DE acquired a new position in the company, estimated at approximately $339,000. Renaissance Technologies LLC raised its stake in Envela by 11.8% during the second quarter, now holding 195,428 shares valued at $877,000. Point72 Asia Singapore Pte. Ltd. and Cubist Systematic Strategies LLC also entered new positions in the company during the same period, investing around $50,000 and $42,000, respectively. Furthermore, Vanguard Group Inc. increased its stake by 0.8% in the first quarter, now owning 453,065 shares valued at $2,093,000. Overall, 8.15% of Envela's stock is held by institutional investors and hedge funds.

About Envela Corporation

Envela Corporation operates within the re-commerce sector in the United States through its subsidiaries. It operates in two primary segments: Commercial-Services and Direct-To-Consumer. The company specializes in end-of-life asset recycling, data destruction, IT asset management, and offers products and services to both industrial and commercial clientele. Additionally, Envela acts as a re-commerce retailer dealing with luxury hard assets.

Envela, Stocks, Investment