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

Envela Co. (NYSEAMERICAN:ELA) was the target of a large decrease in short interest in 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 days-to-cover ratio is currently 8.6 days. Currently, 1.9% of the shares of the stock are sold short.

Envela Stock Performance

NYSEAMERICAN:ELA opened at $6.24 on Monday. The stock has a market capitalization of $162.24 million, a price-to-earnings ratio of 26.00 and a beta of 0.25. Envela has a 12-month low of $3.67 and a 12-month high of $6.24. 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 quarterly earnings data on Tuesday, November 5th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $46.90 million for the quarter, compared to the consensus estimate of $39.85 million. Envela had a net margin of 3.83% and a return on equity of 13.01%. Analysts forecast that Envela will post 0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Lake Street Capital upped 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELA. Barclays PLC grew its stake in shares of Envela by 113.7% during the 3rd quarter. Barclays PLC now owns 5,025 shares of the company’s stock valued at $28,000 after buying an additional 2,674 shares during the period. Vanguard Group Inc. boosted its position in shares of Envela by 0.8% in the first quarter. Vanguard Group Inc. now owns 453,065 shares of the company’s stock worth $2,093,000 after buying an additional 3,678 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Envela in the 2nd quarter valued at about $42,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Envela during the second quarter worth about $50,000. Finally, Renaissance Technologies LLC boosted its holdings in Envela by 11.8% in 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. Hedge funds and other institutional investors own 8.15% of the company’s stock.

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.