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

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Envela by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 453,065 shares of the company’s stock valued at $2,093,000 after acquiring an additional 3,678 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Envela by 11.8% during the second quarter. Renaissance Technologies LLC now owns 195,428 shares of the company’s stock worth $877,000 after purchasing an additional 20,624 shares during the period. US Bancorp DE purchased a new stake in shares of Envela during the third quarter valued at $339,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Envela in the 2nd quarter valued at $50,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Envela in the 2nd quarter worth about $42,000. 8.15% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Envela Price Performance

Envela stock opened at $6.46 on Tuesday. The stock has a market cap of $167.96 million, a price-to-earnings ratio of 26.92 and a beta of 0.25. Envela has a 52 week low of $3.91 and a 52 week high of $6.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.08 and a current ratio of 4.76.

Envela (NYSEAMERICAN:ELA) last announced its earnings results on Tuesday, November 5th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. Envela had a return on equity of 13.01% and a net margin of 3.83%. The firm had revenue of $46.90 million for the quarter, compared to analysts’ expectations of $39.85 million. Equities research analysts forecast that Envela will post 0.24 earnings per share for the current fiscal year.

About Envela

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.