e.l.f. Beauty (NYSE:ELF) Stock Price Down 4.6% – Here’s What Happened

e.l.f. Beauty, Inc. (NYSE:ELF) dropped 4.6% during trading on Monday . The stock traded as low as $121.52 and last traded at $123.58. Approximately 603,507 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,965,939 shares. The stock had previously closed at $129.52.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ELF shares. Canaccord Genuity Group reduced their target price on shares of e.l.f. Beauty from $250.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Jefferies Financial Group decreased their price objective on shares of e.l.f. Beauty from $220.00 to $175.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Bank of America dropped their target price on shares of e.l.f. Beauty from $190.00 to $165.00 and set a “buy” rating for the company in a report on Tuesday, October 15th. TD Cowen cut their price target on e.l.f. Beauty from $235.00 to $150.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Finally, Piper Sandler restated an “overweight” rating and issued a $165.00 price objective (up from $162.00) on shares of e.l.f. Beauty in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, e.l.f. Beauty presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.53.

e.l.f. Beauty Trading Down 2.5 %

The firm has a market cap of $7.18 billion, a P/E ratio of 68.86, a P/E/G ratio of 2.86 and a beta of 1.49. The stock has a 50 day simple moving average of $114.35 and a 200-day simple moving average of $150.91. The company has a current ratio of 1.78, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22.

e.l.f. Beauty (NYSE:ELF) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.34. e.l.f. Beauty had a net margin of 8.87% and a return on equity of 19.34%. The company had revenue of $301.10 million for the quarter, compared to analysts’ expectations of $289.43 million. During the same quarter in the previous year, the business posted $0.66 earnings per share. e.l.f. Beauty’s quarterly revenue was up 39.7% on a year-over-year basis. On average, equities research analysts expect that e.l.f. Beauty, Inc. will post 2.8 EPS for the current fiscal year.

Insider Activity

In other e.l.f. Beauty news, Director Maureen C. Watson sold 785 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $130.00, for a total transaction of $102,050.00. Following the completion of the transaction, the director now owns 1,888 shares in the company, valued at $245,440. The trade was a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tarang Amin sold 23,528 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $136.45, for a total value of $3,210,395.60. Following the transaction, the chief executive officer now directly owns 106,016 shares in the company, valued at approximately $14,465,883.20. This represents a 18.16 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company’s stock.

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

A number of large investors have recently bought and sold shares of ELF. Baillie Gifford & Co. increased its stake in e.l.f. Beauty by 39.5% in the third quarter. Baillie Gifford & Co. now owns 5,305,692 shares of the company’s stock worth $578,480,000 after purchasing an additional 1,501,151 shares during the period. State Street Corp increased its stake in e.l.f. Beauty by 3.7% in the 3rd quarter. State Street Corp now owns 1,665,203 shares of the company’s stock worth $181,557,000 after buying an additional 59,248 shares during the period. William Blair Investment Management LLC lifted its holdings in e.l.f. Beauty by 12.5% during 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 buying an additional 168,267 shares in the last quarter. Clearbridge Investments LLC boosted its position 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 buying an additional 576,383 shares during the period. Finally, FMR LLC grew its stake in e.l.f. Beauty by 5.5% in the 3rd quarter. FMR LLC now owns 1,186,766 shares of the company’s stock worth $129,393,000 after acquiring an additional 61,524 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

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.