e.l.f. Beauty (NYSE:ELF) Stock Price Down 7.3% on Analyst Downgrade

e.l.f. Beauty, Inc. (NYSE:ELF)’s share price dropped 7.3% on Tuesday after Bank of America lowered their price target on the stock from $190.00 to $165.00. Bank of America currently has a buy rating on the stock. e.l.f. Beauty traded as low as $106.84 and last traded at $107.06. Approximately 1,251,252 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 1,797,294 shares. The stock had previously closed at $115.43.

Other research analysts have also recently issued research reports about the stock. B. Riley initiated coverage on shares of e.l.f. Beauty in a report on Tuesday, September 10th. They set a “buy” rating and a $175.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of e.l.f. Beauty from $207.00 to $167.00 and set an “overweight” rating for the company in a report on Friday, October 11th. Baird R W upgraded shares of e.l.f. Beauty from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 18th. TD Cowen reduced their target price on shares of e.l.f. Beauty from $235.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Finally, Morgan Stanley cut their price target on shares of e.l.f. Beauty from $184.00 to $139.00 and set an “equal weight” rating for the company in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $196.93.

Insider Activity

In other e.l.f. Beauty news, CEO Tarang Amin sold 23,528 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $136.45, for a total transaction of $3,210,395.60. Following the completion of the sale, the chief executive officer now owns 106,016 shares in the company, valued at approximately $14,465,883.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On e.l.f. Beauty

A number of hedge funds have recently bought and sold shares of ELF. Vanguard Group Inc. boosted its holdings in shares of e.l.f. Beauty by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,050,649 shares of the company’s stock worth $873,351,000 after buying an additional 79,701 shares during the last quarter. Baillie Gifford & Co. bought a new stake in e.l.f. Beauty in the 2nd quarter valued at about $801,693,000. Wellington Management Group LLP raised its stake in e.l.f. Beauty by 5.2% in the 4th quarter. Wellington Management Group LLP now owns 2,540,832 shares of the company’s stock valued at $366,744,000 after acquiring an additional 126,231 shares during the period. William Blair Investment Management LLC raised its stake in e.l.f. Beauty by 12.5% in the 2nd quarter. William Blair Investment Management LLC now owns 1,512,180 shares of the company’s stock valued at $318,647,000 after acquiring an additional 168,267 shares during the period. Finally, Clearbridge Investments LLC raised its stake in e.l.f. Beauty by 84.4% in the 2nd quarter. Clearbridge Investments LLC now owns 1,259,644 shares of the company’s stock valued at $265,432,000 after acquiring an additional 576,383 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

e.l.f. Beauty Stock Down 4.8 %

The stock has a 50 day moving average of $130.84 and a 200-day moving average of $163.17. The firm has a market capitalization of $6.15 billion, a P/E ratio of 49.52, a PEG ratio of 2.19 and a beta of 1.43. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.10 and a current ratio of 1.77.

e.l.f. Beauty (NYSE:ELF) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.20. e.l.f. Beauty had a return on equity of 23.30% and a net margin of 10.80%. The firm had revenue of $324.48 million for the quarter, compared to analysts’ expectations of $303.60 million. Research analysts predict that e.l.f. Beauty, Inc. will post 2.88 earnings per share for the current fiscal year.

e.l.f. Beauty Company Profile

e.l.f. Beauty, Inc, together with its subsidiaries, provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. The company offers eye, lip, face, face, paw, and skin care products. It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors.