Envela Co. (NYSEAMERICAN:ELA) Short Interest Down 7.9% in October

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

Envela Trading Up 0.5 %

Shares of NYSEAMERICAN ELA opened at $6.49 on Wednesday. Envela has a twelve month low of $3.91 and a twelve month high of $6.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.76 and a quick ratio of 2.08. The company has a market capitalization of $168.74 million, a price-to-earnings ratio of 27.04 and a beta of 0.25.

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

Analysts Set New Price Targets

Separately, Lake Street Capital lifted their price target 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.

Hedge Funds Weigh In On Envela

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised 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 worth $2,093,000 after purchasing an additional 3,678 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Envela in the second quarter worth about $50,000. Cubist Systematic Strategies LLC acquired a new stake in Envela during the second quarter valued at approximately $42,000. US Bancorp DE acquired a new position in shares of Envela in the 3rd quarter worth $339,000. Finally, Renaissance Technologies LLC boosted its position in shares of Envela by 11.8% in 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. Institutional investors and hedge funds 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.