Envela (NYSEAMERICAN:ELA) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Envela Corporation (NYSEAMERICAN:ELA) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.00 and traded as high as $6.21. Envela shares last traded at $6.08, with a volume of 9,620 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital boosted their price target on shares of Envela from $7.00 to $9.00 and gave the company a “buy” rating in a research report on Thursday, May 8th.

Envela Stock Down 1.5%

The firm has a market capitalization of $158.08 million, a P/E ratio of 21.71 and a beta of 0.12. The company has a current ratio of 4.51, a quick ratio of 2.31 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average price is $6.15.

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently modified their holdings of ELA. Mink Brook Asset Management LLC purchased a new position in shares of Envela during the fourth quarter valued at approximately $8,205,000. Topline Capital Management LLC purchased a new position in shares of Envela during the fourth quarter valued at approximately $5,418,000. 683 Capital Management LLC acquired a new position in Envela during the fourth quarter worth approximately $386,000. Ancora Advisors LLC acquired a new position in Envela during the fourth quarter worth approximately $244,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Envela by 217.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 38,839 shares of the company’s stock worth $279,000 after purchasing an additional 26,598 shares during the last quarter. 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.