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

Envela Co. (NYSEAMERICAN:ELA) saw a significant decline in short interest in January. As of January 31st, there was short interest totalling 109,600 shares, a decline of 5.9% from the January 15th total of 116,500 shares. Based on an average daily trading volume, of 21,800 shares, the short-interest ratio is presently 5.0 days. Currently, 1.7% of the company’s stock are sold short.

Hedge Funds Weigh In On Envela

Several institutional investors and hedge funds have recently modified their holdings of ELA. Mink Brook Asset Management LLC acquired a new stake in Envela during the 4th quarter valued at $8,205,000. Topline Capital Management LLC acquired a new position in Envela during the 4th quarter worth $5,418,000. US Bancorp DE acquired a new position in Envela during the 3rd quarter worth $339,000. 683 Capital Management LLC acquired a new position in Envela during the 4th quarter worth $386,000. Finally, Ancora Advisors LLC acquired a new position in Envela during the 4th quarter worth $244,000. Hedge funds and other institutional investors own 8.15% of the company’s stock.

Envela Stock Performance

NYSEAMERICAN:ELA opened at $6.74 on Tuesday. The firm has a market capitalization of $175.24 million, a price-to-earnings ratio of 28.08 and a beta of 0.35. Envela has a 52 week low of $4.20 and a 52 week high of $7.88. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.76 and a quick ratio of 2.08.

Analysts Set New Price Targets

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

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.