e.l.f. Beauty (NYSE:ELF) Shares Down 16.5% – Here’s What Happened

e.l.f. Beauty, Inc. (NYSE:ELF)’s stock price dropped 16.5% during mid-day trading on Thursday . The stock traded as low as $56.90 and last traded at $56.67. Approximately 966,384 shares traded hands during trading, a decline of 57% from the average daily volume of 2,265,510 shares. The stock had previously closed at $67.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. The Goldman Sachs Group reduced their price target on e.l.f. Beauty from $142.00 to $124.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Canaccord Genuity Group reduced their target price on e.l.f. Beauty from $174.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, February 7th. JPMorgan Chase & Co. raised their price target on shares of e.l.f. Beauty from $154.00 to $163.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. UBS Group reaffirmed a “neutral” rating and issued a $74.00 price objective (down from $158.00) on shares of e.l.f. Beauty in a research note on Friday, February 7th. Finally, Truist Financial increased their price objective on shares of e.l.f. Beauty from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, e.l.f. Beauty has a consensus rating of “Moderate Buy” and an average price target of $130.24.

e.l.f. Beauty Stock Performance

The company has a fifty day moving average price of $73.38 and a 200 day moving average price of $104.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.90 and a quick ratio of 1.17. The stock has a market cap of $3.10 billion, a P/E ratio of 32.48, a P/E/G ratio of 6.76 and a beta of 1.41.

e.l.f. Beauty (NYSE:ELF) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.35). e.l.f. Beauty had a net margin of 7.55% and a return on equity of 16.88%. On average, equities analysts expect that e.l.f. Beauty, Inc. will post 2.38 EPS for the current year.

Insider Activity

In related news, Director Maureen C. Watson sold 4,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $67.39, for a total value of $269,560.00. Following the completion of the sale, the director now directly owns 1,888 shares of the company’s stock, valued at approximately $127,232.32. This represents a 67.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.50% of the company’s stock.

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

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in e.l.f. Beauty by 42.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,347 shares of the company’s stock worth $1,048,000 after purchasing an additional 2,505 shares during the last quarter. Brooklyn FI LLC bought a new position in shares of e.l.f. Beauty during the 4th quarter worth approximately $422,000. Mackenzie Financial Corp lifted its position in shares of e.l.f. Beauty by 107.1% during the 4th quarter. Mackenzie Financial Corp now owns 513,647 shares of the company’s stock worth $64,488,000 after buying an additional 265,569 shares in the last quarter. GTS Securities LLC boosted its stake in shares of e.l.f. Beauty by 102.7% in the 4th quarter. GTS Securities LLC now owns 1,806 shares of the company’s stock worth $227,000 after buying an additional 68,410 shares during the last quarter. Finally, Pinnacle Investment Management Ltd bought a new position in shares of e.l.f. Beauty in the fourth quarter valued at approximately $1,256,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

About e.l.f. Beauty

e.l.f. Beauty, Inc is a holding company, which engages in the provision of inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. The company focuses on the e-commerce, national retailers and international business channels. Its brands include elf, elf skin, WELL People and KEYS soulcare.