eToro Group (NASDAQ:ETOR) Given New $47.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity cut its price target for eToro Group from $53 to $47 while maintaining a “buy” rating, implying approximately 95% upside from the prior close.
• Analyst sentiment remains broadly positive, with 10 Buy, six Hold and one Sell rating; the consensus rating is “Moderate Buy” with an average price target of $46.27.
• eToro shares traded near $24.12, close to their 52-week low of $24.03. The company recently beat quarterly earnings estimates, reporting $0.68 in EPS versus the $0.61 consensus, though revenue declined 23.9% year over year.

eToro Group (NASDAQ:ETOR - Get Free Report) had its price target cut by investment analysts at Canaccord Genuity Group from $53.00 to $47.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 94.86% from the stock's previous close.

Several other research firms also recently commented on ETOR. UBS Group cut their target price on eToro Group from $50.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday, August 12th. The Goldman Sachs Group upped their price target on eToro Group from $32.00 to $36.00 and gave the company a "neutral" rating in a research report on Wednesday, September 9th. Zacks Research lowered eToro Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. TD Cowen cut their price objective on eToro Group from $35.00 to $33.00 and set a "buy" rating for the company in a report on Monday, October 12th. Finally, Mizuho cut their price objective on eToro Group from $52.00 to $43.00 and set an "outperform" rating for the company in a report on Friday, September 18th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $46.27.

eToro Group Price Performance

NASDAQ:ETOR traded down $0.27 during mid-day trading on Monday, hitting $24.12. The company's stock had a trading volume of 787,286 shares, compared to its average volume of 1,170,284. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 9.07, a P/E/G ratio of 0.64 and a beta of 1.79. The company has a current ratio of 4.02, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. eToro Group has a fifty-two week low of $24.03 and a fifty-two week high of $44.21. The stock has a fifty day moving average of $28.46 and a 200-day moving average of $34.39.

eToro Group (NASDAQ:ETOR - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. eToro Group had a return on equity of 20.26% and a net margin of 2.17%. The company had revenue of $1.59 billion for the quarter. During the same period in the previous year, the firm posted $0.56 earnings per share. The firm's revenue for the quarter was down 23.9% compared to the same quarter last year. As a group, equities analysts forecast that eToro Group will post 2.48 EPS for the current fiscal year.

Insider Buying and Selling at eToro Group

In other news, Director Shalev Eddy sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $31.20, for a total transaction of $3,120,000.00. Following the completion of the sale, the director owned 196,779 shares of the company's stock, valued at approximately $6,139,504.80. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On eToro Group

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd bought a new position in eToro Group in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC boosted its stake in eToro Group by 365.3% in the first quarter. EverSource Wealth Advisors LLC now owns 926 shares of the company's stock worth $28,000 after purchasing an additional 727 shares in the last quarter. State of Wyoming grew its holdings in shares of eToro Group by 180.0% during the first quarter. State of Wyoming now owns 1,932 shares of the company's stock worth $58,000 after purchasing an additional 1,242 shares during the last quarter. CI Investments Inc. bought a new stake in shares of eToro Group during the first quarter worth $227,000. Finally, Amundi bought a new stake in shares of eToro Group during the first quarter worth $271,000.

eToro Group Company Profile

eToro Group Ltd. is a global trading and investment platform that combines online brokerage services with social investing features. Through its platform, customers can access a range of financial instruments, including stocks, exchange-traded funds, cryptocurrencies and, in certain jurisdictions, contracts for difference and other leveraged products. Product availability varies according to local regulations.

Founded in 2007, eToro developed a community-oriented approach to investing that allows users to view other members' portfolios and trading activity.

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