eToro Group's (ETOR) "Buy" Rating Reiterated at Canaccord Genuity Group

Key Points

• Canaccord Genuity reiterated its “Buy” rating on eToro Group and set a $53 price target, implying 77.2% upside from the prior close. Analysts overall assign the stock a “Moderate Buy” consensus rating with an average target of $50.12.
• eToro reported quarterly earnings of $0.68 per share, beating estimates of $0.61, while revenue reached $1.59 billion. However, revenue declined 23.9% year over year.
• The stock opened at $29.91, with a $2.48 billion market capitalization; a company director recently sold 100,000 shares for $3.12 million, while several institutional investors increased their holdings.

eToro Group (NASDAQ:ETOR - Get Free Report)'s stock had its "buy" rating restated by analysts at Canaccord Genuity Group in a research note issued on Tuesday, Benzinga reports. They currently have a $53.00 price target on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 77.20% from the company's previous close.

Several other research firms have also commented on ETOR. Mizuho reduced their price target on shares of eToro Group from $60.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, August 12th. KeyCorp began coverage on shares of eToro Group in a research note on Tuesday, September 1st. They set an "overweight" rating and a $45.00 price objective on the stock. Weiss Ratings lowered shares of eToro Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, August 25th. The Goldman Sachs Group boosted their price objective on shares of eToro Group from $32.00 to $36.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 9th. Finally, Susquehanna dropped their target price on eToro Group from $57.00 to $51.00 and set a "positive" rating on the stock in a research report on Thursday, August 13th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.12.

eToro Group Price Performance

ETOR opened at $29.91 on Tuesday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 0.73 and a beta of 1.64. 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 12-month low of $24.74 and a 12-month high of $46.28. The business's fifty day simple moving average is $33.80 and its 200-day simple moving average is $35.13.

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 the consensus estimate of $0.61 by $0.07. eToro Group had a return on equity of 20.26% and a net margin of 2.17%.The firm had revenue of $1.59 billion during the quarter. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The business's revenue was down 23.9% compared to the same quarter last year. On average, equities research analysts anticipate that eToro Group will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at eToro Group

In other news, Director Shalev Eddy sold 100,000 shares of eToro Group stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $31.20, for a total value of $3,120,000.00. Following the transaction, the director 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 filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Investors Weigh In On eToro Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of eToro Group by 12,484.5% during the second quarter. California State Teachers Retirement System now owns 1,929,333 shares of the company's stock worth $76,151,000 after acquiring an additional 1,914,002 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in eToro Group by 61.9% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,988,552 shares of the company's stock worth $59,716,000 after purchasing an additional 760,654 shares during the last quarter. Capital World Investors increased its stake in eToro Group by 2.6% during the 4th quarter. Capital World Investors now owns 900,903 shares of the company's stock valued at $31,649,000 after purchasing an additional 22,934 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of eToro Group by 12.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,017,374 shares of the company's stock worth $30,552,000 after buying an additional 110,998 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of eToro Group by 1.9% during the second quarter. Tidal Investments LLC now owns 666,388 shares of the company's stock valued at $26,302,000 after buying an additional 12,441 shares during the last quarter.

eToro Group Company Profile

eToro Group Ltd. is a global trading and investment platform that operates the eToro online brokerage and social investing network. Founded in 2007 by Yoni Assia, Ronen Assia and David Ring, the company is designed to give individual investors access to financial markets through digital platforms.

eToro's services include trading and investing in stocks, exchange-traded funds and cryptocurrencies, with product availability varying by jurisdiction. In certain markets, the platform also offers contracts for difference and other investment products.

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