e.l.f. Beauty (NYSE:ELF) Shares Down 1.5% Following Analyst Downgrade

e.l.f. Beauty, Inc. (NYSE:ELF)’s share price was down 1.5% during mid-day trading on Tuesday after Bank of America lowered their price target on the stock from $230.00 to $190.00. Bank of America currently has a buy rating on the stock. e.l.f. Beauty traded as low as $111.77 and last traded at $112.28. Approximately 762,622 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 1,699,614 shares. The stock had previously closed at $113.98.

ELF has been the topic of several other research reports. Canaccord Genuity Group lifted their target price on shares of e.l.f. Beauty from $214.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Piper Sandler reiterated an “overweight” rating and issued a $260.00 price objective on shares of e.l.f. Beauty in a report on Monday, August 26th. Baird R W raised e.l.f. Beauty from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 18th. TD Cowen lifted their price target on e.l.f. Beauty from $190.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Finally, Canaccord Genuity Group increased their price objective on e.l.f. Beauty from $214.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, e.l.f. Beauty currently has a consensus rating of “Moderate Buy” and an average price target of $211.00.

Insiders Place Their Bets

In other e.l.f. Beauty news, CEO Tarang Amin sold 15,386 shares of e.l.f. Beauty stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $200.85, for a total transaction of $3,090,278.10. Following the transaction, the chief executive officer now directly owns 171,329 shares of the company’s stock, valued at $34,411,429.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other e.l.f. Beauty news, CEO Tarang Amin sold 15,386 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $200.85, for a total transaction of $3,090,278.10. Following the completion of the sale, the chief executive officer now owns 171,329 shares of the company’s stock, valued at $34,411,429.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Joshua Allen Franks sold 3,370 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $201.28, for a total value of $678,313.60. Following the completion of the transaction, the senior vice president now directly owns 71,986 shares in the company, valued at approximately $14,489,342.08. The disclosure for this sale can be found here. Insiders sold 19,304 shares of company stock valued at $3,864,492 in the last three months. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Truist Financial Corp boosted its position in shares of e.l.f. Beauty by 18.8% during the fourth quarter. Truist Financial Corp now owns 7,245 shares of the company’s stock worth $1,046,000 after buying an additional 1,146 shares during the period. Precision Wealth Strategies LLC purchased a new position in e.l.f. Beauty during the 4th quarter valued at about $254,000. Principal Securities Inc. acquired a new position in e.l.f. Beauty in the 4th quarter valued at about $117,000. QRG Capital Management Inc. increased its stake in e.l.f. Beauty by 10.4% during the fourth quarter. QRG Capital Management Inc. now owns 3,025 shares of the company’s stock worth $437,000 after purchasing an additional 284 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of e.l.f. Beauty by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 952,863 shares of the company’s stock worth $137,538,000 after purchasing an additional 7,999 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

e.l.f. Beauty Price Performance

The company has a quick ratio of 1.10, a current ratio of 1.77 and a debt-to-equity ratio of 0.23. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 49.72, a PEG ratio of 2.55 and a beta of 1.45. The company’s 50-day moving average price is $168.12 and its 200-day moving average price is $179.35.

e.l.f. Beauty (NYSE:ELF) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.87 earnings per share (EPS) 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 business had revenue of $324.48 million during the quarter, compared to analysts’ expectations of $303.60 million. On average, equities research analysts forecast that e.l.f. Beauty, Inc. will post 2.88 EPS for the current year.

About e.l.f. Beauty

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.