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

e.l.f. Beauty, Inc. (NYSE:ELF) shares traded down 7.3% during mid-day trading 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. 1,251,252 shares traded hands during trading, a decline of 30% from the average session volume of 1,797,294 shares. The stock had previously closed at $115.43.

Several other research analysts also recently weighed in on ELF. Baird R W upgraded shares of e.l.f. Beauty from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 18th. B. Riley assumed coverage on shares of e.l.f. Beauty in a research note on Tuesday, September 10th. They issued a “buy” rating and a $175.00 target price for the company. UBS Group decreased their target price on shares of e.l.f. Beauty from $250.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Piper Sandler reduced their price objective on shares of e.l.f. Beauty from $260.00 to $162.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Canaccord Genuity Group increased their price objective on shares of 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, eleven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $196.93.

Insiders Place Their Bets

In related news, CEO Tarang Amin sold 548 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $175.00, for a total value of $95,900.00. Following the sale, the chief executive officer now owns 214,507 shares of the company’s stock, valued at $37,538,725. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of e.l.f. Beauty

A number of large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in e.l.f. Beauty in the 2nd quarter valued at about $6,659,000. Cetera Investment Advisers grew its position in e.l.f. Beauty by 33.8% in the 2nd quarter. Cetera Investment Advisers now owns 39,319 shares of the company’s stock valued at $8,285,000 after buying an additional 9,939 shares in the last quarter. Wellington Management Group LLP grew its position 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 buying an additional 126,231 shares in the last quarter. Clearbridge Investments LLC grew 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 in the last quarter. Finally, Swiss National Bank grew its position in e.l.f. Beauty by 0.5% in the 1st quarter. Swiss National Bank now owns 108,900 shares of the company’s stock valued at $21,348,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

e.l.f. Beauty Stock Down 4.8 %

The stock’s 50-day moving average is $132.31 and its 200-day moving average is $163.77. The stock has a market cap of $6.15 billion, a P/E ratio of 49.46, a price-to-earnings-growth ratio of 2.19 and a beta of 1.43. The company has a current ratio of 1.77, a quick ratio of 1.10 and a debt-to-equity ratio of 0.23.

e.l.f. Beauty (NYSE:ELF) last posted its quarterly earnings data 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 net margin of 10.80% and a return on equity of 23.30%. The company had revenue of $324.48 million during the quarter, compared to analyst estimates of $303.60 million. As a group, research analysts anticipate that e.l.f. Beauty, Inc. will post 2.88 earnings per share for the current fiscal 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.