Envela Corporation (ELA)’s stock got traction on Wednesday after getting an increased valuation by an analyst firm. The stock surged 13.09% to conclude trading at $3.37 on the day.
The trading company of jewelry and bullion products announced earlier on the day that Steve Silver, analyst at Argus Research Co, views Envela better aligned to grow continuously. Since 1934, Argus Research Co is working as an independent equity research firm. The analyst firm came increasing its fair valuation of Envela in its September 2020 report. The firm now valuates the company at $7 per share while its previous value estimate was $5 per share.
The New York City-based Argus Research is a leading independent equity research firm working since 1934. It primarily provides essential and quantitative analysis if different firms. The firm covers more than 1,500 companies that are spread over 11 sectors of S&P 500. It also provides thematic research, pre-IPO analysis, model portfolios and forecasts about equity and macroeconomic markets.
So far the company’s performance is showing a mix trend. Its long term performance including half yearly, yearly and year-to-date performances are in green. But weekly, monthly and quarterly performances are struggling for being in the red.
To expand its continued growth strategy, Envela last month discussed acquisition of business assets with Bluebonnet Sterling, LLC. Envela’s wholly owned subsidiary DGSE, LLC negotiated that assets acquisition. The companies did not come to a definitive agreement and rejected any assurance of the same in future.
Bluebonnet Sterling is a Dallas, Texas-based company involved in business of recommerce. The prime focus of the company is on vintage and estate sterling-silver jewelry and silverware. It searches for best selling silverware patterns. Those include patterns that are ceased to be selling and are still being manufactured.
Envela to further expand seeks options including buying business assets or acquiring businesses. The strategy helps Envela not only to expand its business portfolio but to add value for stockholders.