eToro Group (NASDAQ:ETOR) Stock Gets Price Target Cut from Needham & Company LLC

Key Points

• Needham & Company lowered eToro Group’s price target from $55 to $54 while maintaining a “buy” rating, implying 121.31% upside from the previous close.
• Analyst sentiment remains broadly positive: 10 analysts rate the stock a Buy, six rate it Hold, and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $46.33.
• eToro reported quarterly EPS of $0.68, beating estimates of $0.61, on $1.59 billion in revenue; however, revenue declined 23.9% year over year. Shares opened at $24.40, near the company’s 12-month low of $23.99.

eToro Group (NASDAQ:ETOR - Get Free Report) had its price target decreased by equities researchers at Needham & Company LLC from $55.00 to $54.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 121.31% from the stock's previous close.

A number of other brokerages have also recently weighed in on ETOR. The Goldman Sachs Group raised their target price on shares of eToro Group from $32.00 to $36.00 and gave the stock a "neutral" rating in a report on Wednesday, September 9th. TD Cowen decreased their price target on shares of eToro Group from $35.00 to $33.00 and set a "buy" rating on the stock in a research report on Monday, October 12th. Canaccord Genuity Group dropped their price target on eToro Group from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Monday. Weiss Ratings downgraded eToro Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, August 25th. Finally, UBS Group cut their price objective 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. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $46.33.

eToro Group Price Performance

Shares of NASDAQ ETOR opened at $24.40 on Wednesday. eToro Group has a twelve month low of $23.99 and a twelve month high of $44.21. The company has a current ratio of 4.02, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $28.17 and a two-hundred day moving average of $34.31. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 0.64 and a beta of 1.79.

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

Insiders Place Their Bets

In other eToro Group news, Director Shalev Eddy sold 100,000 shares of the business's stock in a transaction 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 sale, the director directly owned 196,779 shares of the company's stock, valued at $6,139,504.80. The trade was a 33.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Trading of eToro Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new position in eToro Group during the 4th quarter valued at about $25,000. EverSource Wealth Advisors LLC increased its holdings in shares of eToro Group by 365.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 926 shares of the company's stock valued at $28,000 after purchasing an additional 727 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of eToro Group by 109.7% in the third quarter. Nisa Investment Advisors LLC now owns 1,105 shares of the company's stock worth $28,000 after purchasing an additional 578 shares in the last quarter. State of Wyoming lifted its position in shares of eToro Group by 180.0% in 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 in the last quarter. Finally, CI Investments Inc. acquired a new stake in shares of eToro Group during the first quarter worth approximately $227,000.

eToro Group Company Profile

eToro Group Ltd. NASDAQ: ETOR operates a global, multi-asset investment and trading platform. Its services enable users to invest in stocks, exchange-traded funds, cryptocurrencies and other instruments, with product availability varying by jurisdiction and local regulations. In certain markets, eToro also offers contracts for difference and other leveraged products.

The company is known for combining online brokerage services with social-investing features. Users can view and discuss investment activity, follow other investors and use CopyTrader to automatically replicate the strategies of selected investors.

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