Envela (NYSEAMERICAN:ELA) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Envela Co. (NYSEAMERICAN:ELA - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.00 and traded as high as $7.69. Envela shares last traded at $7.56, with a volume of 19,838 shares.

Wall Street Analyst Weigh In

Separately, Lake Street Capital boosted their price objective on shares of Envela from $6.00 to $7.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th.

Envela Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.08 and a current ratio of 4.76. The company has a market capitalization of $193.18 million, a P/E ratio of 30.96 and a beta of 0.31.

Envela (NYSEAMERICAN:ELA - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Envela had a net margin of 3.83% and a return on equity of 13.01%. The business had revenue of $46.90 million for the quarter, compared to analyst estimates of $39.85 million. Research analysts forecast that Envela Co. will post 0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Envela

A number of institutional investors and hedge funds have recently bought and sold shares of ELA. Barclays PLC boosted its stake in Envela by 113.7% during the third quarter. Barclays PLC now owns 5,025 shares of the company's stock worth $28,000 after buying an additional 2,674 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Envela during the 2nd quarter worth $42,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Envela during the 2nd quarter valued at about $50,000. US Bancorp DE purchased a new stake in shares of Envela in the third quarter valued at about $339,000. Finally, Renaissance Technologies LLC increased its position in 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 last quarter. 8.15% of the stock is currently owned by institutional investors and hedge funds.

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.