Envela Co. (NYSEAMERICAN:ELA) Sees Large Drop in Short Interest

Envela Co. (NYSEAMERICAN:ELA) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 123,100 shares, a decrease of 7.9% from the October 15th total of 133,600 shares. Based on an average daily volume of 14,300 shares, the short-interest ratio is presently 8.6 days. Approximately 1.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Envela

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE acquired a new position in Envela in the third quarter valued at approximately $339,000. Renaissance Technologies LLC boosted its position in Envela by 11.8% during the 2nd quarter. Renaissance Technologies LLC now owns 195,428 shares of the company’s stock valued at $877,000 after purchasing an additional 20,624 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Envela during the 2nd quarter worth $50,000. Cubist Systematic Strategies LLC acquired a new stake in Envela in the second quarter worth $42,000. Finally, Vanguard Group Inc. lifted its stake in Envela by 0.8% in the first quarter. Vanguard Group Inc. now owns 453,065 shares of the company’s stock valued at $2,093,000 after buying an additional 3,678 shares during the last quarter. Institutional investors own 8.15% of the company’s stock.

Envela Stock Performance

Shares of NYSEAMERICAN ELA opened at $6.46 on Tuesday. The company has a quick ratio of 2.08, a current ratio of 4.76 and a debt-to-equity ratio of 0.25. Envela has a fifty-two week low of $3.91 and a fifty-two week high of $6.47. The company has a market cap of $167.96 million, a price-to-earnings ratio of 26.92 and a beta of 0.25.

Envela (NYSEAMERICAN:ELA) last announced its quarterly earnings data 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 company had revenue of $46.90 million during the quarter, compared to analyst estimates of $39.85 million. Envela had a net margin of 3.83% and a return on equity of 13.01%. As a group, sell-side analysts expect that Envela will post 0.24 EPS for the current fiscal year.

Envela Company Profile

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.