KeyCorp Has Lowered Expectations for eToro Group (NASDAQ:ETOR) Stock Price

Key Points

• KeyCorp lowered eToro Group’s price target from $45 to $40 while maintaining an “overweight” rating, implying roughly 63% upside from the stock’s $24.54 price. The broader analyst consensus remains “Moderate Buy,” with an average target of $46.67.
• eToro shares have declined 1.4% and are trading near their 52-week low, with the stock below both its 50-day and 200-day moving averages. The company’s latest quarterly results beat earnings expectations, though revenue fell 23.9% year over year.
• Insider activity was negative, as a director sold 100,000 shares for approximately $3.12 million. Meanwhile, several institutional investors—including Renaissance Technologies and Saba Capital Management—increased their positions or initiated new stakes.

eToro Group (NASDAQ:ETOR - Get Free Report) had its price target cut by research analysts at KeyCorp from $45.00 to $40.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's price objective would suggest a potential upside of 63.03% from the company's current price.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods decreased their price objective on shares of eToro Group from $45.00 to $35.00 and set a "market perform" rating for the company in a research report on Wednesday, August 12th. Bank of America reissued a "neutral" rating on shares of eToro Group in a report on Monday, October 5th. Cantor Fitzgerald reiterated an "overweight" rating on shares of eToro Group in a report on Monday, September 21st. Wall Street Zen lowered shares of eToro Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Zacks Research lowered shares of eToro Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $46.67.

eToro Group Trading Down 1.4%

NASDAQ:ETOR opened at $24.54 on Friday. eToro Group has a 1-year low of $24.09 and a 1-year high of $44.21. The business's 50-day moving average price is $28.68 and its two-hundred day moving average price is $34.42. 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 market capitalization of $2.03 billion, a price-to-earnings ratio of 9.22, a PEG ratio of 0.64 and a beta of 1.79.

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

Insiders Place Their Bets

In other news, Director Shalev Eddy sold 100,000 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was 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 in the company, valued at $6,139,504.80. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in eToro Group in the 1st quarter valued at $6,048,000. Sei Investments Co. bought a new position in shares of eToro Group during the 1st quarter valued at $2,579,000. Saba Capital Management L.P. grew its stake in eToro Group by 156.2% in the 1st quarter. Saba Capital Management L.P. now owns 203,291 shares of the company's stock valued at $6,105,000 after buying an additional 123,952 shares during the last quarter. Intrinsic Edge Capital Management LLC bought a new stake in eToro Group in the 1st quarter valued at $5,706,000. Finally, Renaissance Technologies LLC boosted its holdings in eToro Group by 51.9% during the first quarter. Renaissance Technologies LLC now owns 292,950 shares of the company's stock valued at $8,797,000 after purchasing an additional 100,100 shares in the last quarter.

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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