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

e.l.f. Beauty, Inc. (NYSE:ELF)’s stock price gapped down before the market opened on Monday after Piper Sandler lowered their price target on the stock from $260.00 to $162.00. The stock had previously closed at $116.63, but opened at $110.00. Piper Sandler currently has an overweight rating on the stock. e.l.f. Beauty shares last traded at $114.50, with a volume of 553,969 shares traded.

A number of other brokerages also recently issued reports on ELF. UBS Group reduced their price objective on shares of e.l.f. Beauty from $250.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. TD Cowen decreased their price objective on shares of e.l.f. Beauty from $235.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Raymond James restated a “strong-buy” rating and set a $235.00 target price on shares of e.l.f. Beauty in a research note on Monday, July 22nd. Canaccord Genuity Group lifted their price target 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. Finally, Robert W. Baird upped their price objective on e.l.f. Beauty from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $198.80.

Insider Buying and Selling

In related news, CEO Tarang Amin sold 548 shares of e.l.f. Beauty stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $175.00, for a total value of $95,900.00. Following the transaction, the chief executive officer now directly owns 214,507 shares of the company’s stock, valued at $37,538,725. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other e.l.f. Beauty news, SVP Joshua Allen Franks sold 3,370 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $201.28, for a total transaction of $678,313.60. Following the completion of the sale, the senior vice president now directly owns 71,986 shares in the company, valued at approximately $14,489,342.08. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Tarang Amin sold 548 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $175.00, for a total value of $95,900.00. Following the transaction, the chief executive officer now owns 214,507 shares in the company, valued at $37,538,725. The disclosure for this sale can be found here. Insiders have sold a total of 19,304 shares of company stock worth $3,864,492 in the last ninety days. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On e.l.f. Beauty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Guidance Capital Inc. grew its stake in e.l.f. Beauty by 1.6% in the fourth quarter. Guidance Capital Inc. now owns 3,510 shares of the company’s stock valued at $490,000 after acquiring an additional 56 shares during the period. Picton Mahoney Asset Management boosted its holdings in e.l.f. Beauty by 3.2% during the second quarter. Picton Mahoney Asset Management now owns 2,430 shares of the company’s stock worth $512,000 after purchasing an additional 75 shares during the last quarter. Hanseatic Management Services Inc. grew its holdings in shares of e.l.f. Beauty by 1.7% in the second quarter. Hanseatic Management Services Inc. now owns 4,507 shares of the company’s stock valued at $950,000 after acquiring an additional 77 shares in the last quarter. GAMMA Investing LLC increased its position in shares of e.l.f. Beauty by 33.2% during the 1st quarter. GAMMA Investing LLC now owns 353 shares of the company’s stock valued at $69,000 after purchasing an additional 88 shares during the last quarter. Finally, American International Group Inc. raised its position in e.l.f. Beauty by 0.3% in the fourth quarter. American International Group Inc. now owns 29,435 shares of the company’s stock worth $4,249,000 after acquiring an additional 90 shares during the period. 92.44% of the stock is owned by institutional investors.

e.l.f. Beauty Price Performance

The company has a current ratio of 1.77, a quick ratio of 1.10 and a debt-to-equity ratio of 0.23. The business’s fifty day moving average is $161.14 and its 200 day moving average is $176.84. The company has a market cap of $6.38 billion, a P/E ratio of 50.98, a PEG ratio of 2.37 and a beta of 1.44.

e.l.f. Beauty (NYSE:ELF) last posted its earnings results on Thursday, August 8th. The company reported $0.87 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $303.60 million. As a group, sell-side analysts anticipate 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.