Envestnet, Inc. (NYSE:ENV) Sees Large Growth in Short Interest

Envestnet, Inc. (NYSE:ENV) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 2,860,000 shares, a growth of 28.3% from the September 30th total of 2,230,000 shares. Based on an average daily trading volume, of 713,400 shares, the days-to-cover ratio is currently 4.0 days.

Institutional Trading of Envestnet

Hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC increased its holdings in shares of Envestnet by 8.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 5,803 shares of the business services provider’s stock worth $363,000 after acquiring an additional 439 shares during the last quarter. Everence Capital Management Inc. raised its position in shares of Envestnet by 25.8% in the third quarter. Everence Capital Management Inc. now owns 6,190 shares of the business services provider’s stock valued at $388,000 after purchasing an additional 1,270 shares during the period. Park Avenue Securities LLC lifted its stake in shares of Envestnet by 15.0% during the 3rd quarter. Park Avenue Securities LLC now owns 7,158 shares of the business services provider’s stock worth $448,000 after buying an additional 933 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Envestnet by 54.2% during the 3rd quarter. SG Americas Securities LLC now owns 2,687 shares of the business services provider’s stock worth $168,000 after buying an additional 945 shares during the period. Finally, Truist Financial Corp grew its stake in Envestnet by 27.8% in the 2nd quarter. Truist Financial Corp now owns 15,489 shares of the business services provider’s stock valued at $969,000 after buying an additional 3,370 shares during the last quarter.

Envestnet Stock Up 0.1 %

ENV stock opened at $62.78 on Wednesday. Envestnet has a twelve month low of $33.12 and a twelve month high of $73.04. The company has a market cap of $3.46 billion, a price-to-earnings ratio of -17.63 and a beta of 1.25. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.70. The business has a 50 day moving average price of $62.70 and a two-hundred day moving average price of $62.98.

Envestnet (NYSE:ENV) last announced its quarterly earnings results on Friday, August 9th. The business services provider reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.07). The firm had revenue of $348.30 million during the quarter, compared to analyst estimates of $342.90 million. Envestnet had a negative net margin of 19.33% and a positive return on equity of 17.02%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS. Analysts anticipate that Envestnet will post 1.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ENV. UBS Group reaffirmed a “neutral” rating and issued a $63.15 price target (down from $75.00) on shares of Envestnet in a research note on Tuesday, July 16th. Raymond James cut shares of Envestnet from a “moderate buy” rating to a “hold” rating in a report on Wednesday, July 17th. DA Davidson restated a “neutral” rating and set a $63.00 price objective on shares of Envestnet in a report on Wednesday, September 18th. William Blair reaffirmed a “market perform” rating on shares of Envestnet in a research report on Thursday, July 11th. Finally, StockNews.com initiated coverage on Envestnet in a report on Sunday. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.88.

About Envestnet

Envestnet, Inc, through its subsidiaries, provides wealth management software and services in the United States and internationally. It operates through two segments: Envestnet Wealth Solutions and Envestnet Data & Analytics. The Envestnet Wealth Solutions segment offers Envestnet | Enterprise, an end-to-end open architecture wealth management platform, as well as offers data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Wealth Analytics that transforms data into actionable intelligence; Envestnet | Tamarac which provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software; and Envestnet | MoneyGuide that provides goals-based financial planning solutions to the financial services industry.