eToro Group (NASDAQ:ETOR) Hits New 52-Week Low - Here's What Happened

Key Points

• eToro Group Ltd. shares reached a new 52-week low of $38.64, trading at $38.85 with 220,791 shares exchanged.
• Brokerages have adjusted their estimates, with Goldman Sachs and Keefe, Bruyette & Woods lowering their price targets but maintaining buy and market perform ratings, respectively.
• eToro reported a quarterly earnings of $0.56 per share, exceeding the expected $0.51, along with 13.3% year-over-year revenue growth to $209.63 million.

eToro Group Ltd. (NASDAQ:ETOR - Get Free Report) shares hit a new 52-week low on Friday . The stock traded as low as $38.64 and last traded at $38.85, with a volume of 220791 shares trading hands. The stock had previously closed at $39.49.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ETOR. Keefe, Bruyette & Woods lowered their target price on shares of eToro Group from $65.00 to $60.00 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. Zacks Research upgraded shares of eToro Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 9th. The Goldman Sachs Group lowered their target price on shares of eToro Group from $69.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, October 3rd. Needham & Company LLC lowered their target price on shares of eToro Group from $80.00 to $76.00 and set a "buy" rating for the company in a research note on Wednesday, August 13th. Finally, Mizuho lowered their target price on shares of eToro Group from $80.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, October 1st. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $71.44.

eToro Group Stock Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.76 and a current ratio of 3.76. The stock has a 50-day moving average of $45.97.

eToro Group (NASDAQ:ETOR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $209.63 million for the quarter, compared to analysts' expectations of $194.60 million. eToro Group's revenue was up 13.3% on a year-over-year basis.

Hedge Funds Weigh In On eToro Group

Several institutional investors have recently made changes to their positions in ETOR. Balyasny Asset Management L.P. purchased a new position in shares of eToro Group during the 2nd quarter valued at approximately $43,397,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of eToro Group during the 2nd quarter valued at approximately $33,812,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of eToro Group during the 2nd quarter valued at approximately $28,048,000. Nikko Asset Management Americas Inc. purchased a new position in shares of eToro Group during the 2nd quarter valued at approximately $27,875,000. Finally, Marshall Wace LLP purchased a new stake in eToro Group in the 2nd quarter worth $17,360,000.

About eToro Group

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