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

Key Points

• Canaccord Genuity lowered its eToro price target from $65 to $53 but maintained a “buy” rating, implying roughly 79% upside from the stock’s $29.64 closing price.
• Analyst sentiment remains generally positive, with 10 buy ratings and seven holds producing a “Moderate Buy” consensus and an average price target of $50.47, despite several recent target cuts.
• eToro beat quarterly EPS expectations, reporting $0.68 versus the $0.61 consensus, though revenue fell 23.9% year over year to $1.59 billion; CEO Hedva Ber also sold 55,160 shares under a pre-arranged trading plan.

eToro Group (NASDAQ:ETOR - Get Free Report) had its target price decreased by analysts at Canaccord Genuity Group from $65.00 to $53.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 78.81% from the company's current price.

Other equities analysts also recently issued reports about the stock. UBS Group cut their price target on shares of eToro Group from $50.00 to $35.00 and set a "neutral" rating for the company in a research note on Wednesday, August 12th. Mizuho cut their price objective on eToro Group from $60.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Citizens Jmp lifted their target price on eToro Group from $85.00 to $90.00 and gave the stock a "market outperform" rating in a research note on Wednesday, May 13th. Susquehanna cut their target price on shares of eToro Group from $57.00 to $51.00 and set a "positive" rating for the company in a research note on Thursday, August 13th. Finally, TD Cowen cut their price objective on shares of eToro Group from $55.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $50.47.

eToro Group Stock Up 4.0%

NASDAQ:ETOR traded up $1.14 during trading hours on Thursday, reaching $29.64. 1,540,838 shares of the stock were exchanged, compared to its average volume of 1,197,562. The firm has a 50 day moving average of $36.75 and a 200 day moving average of $34.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.02 and a quick ratio of 4.02. The stock has a market cap of $2.46 billion, a PE ratio of 11.14, a PEG ratio of 0.75 and a beta of 1.68. eToro Group has a twelve month low of $24.74 and a twelve month high of $47.70.

eToro Group (NASDAQ:ETOR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.68 EPS 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 net margin of 2.17% and a return on equity of 20.26%. The company's quarterly revenue was down 23.9% compared to the same quarter last year. During the same period last year, the firm earned $0.56 earnings per share. On average, equities analysts expect that eToro Group will post 2.7 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Hedva Ber sold 55,160 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $41.90, for a total transaction of $2,311,204.00. Following the sale, the chief executive officer owned 20,660 shares in the company, valued at approximately $865,654. This trade represents a 72.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Investors Weigh In On eToro Group

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of eToro Group during the second quarter worth $669,000. Invesco Ltd. bought a new stake in eToro Group during the 2nd quarter worth $15,392,000. Nebula Research & Development LLC bought a new position in eToro Group in the second quarter valued at about $272,000. Squarepoint Ops LLC acquired a new stake in shares of eToro Group during the second quarter valued at about $1,270,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of eToro Group during the second quarter valued at about $1,333,000.

About eToro Group

eToro Group Ltd. NASDAQ: ETOR is a global multi-asset brokerage company known for its social trading platform. The company enables individual and institutional investors to trade and invest in a broad range of financial instruments, including stocks, exchange-traded funds (ETFs), commodities, indices, forex, and cryptocurrencies. eToro’s platform integrates a user-friendly interface with advanced trading tools, catering to both novice and experienced market participants.

A distinguishing feature of eToro’s offering is its CopyTrader™ functionality, which allows users to replicate the trades of selected investors on the platform.

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