eToro Group (NASDAQ:ETOR) Receives Buy Rating from Canaccord Genuity Group

Key Points

• eToro Group received a "buy" rating from Canaccord Genuity Group with a price target of $78.00, indicating a potential upside of 82.97% from its current price.
• Goldman Sachs recently lowered their price target for eToro from $78.00 to $68.00 while maintaining a "buy" rating, amidst various ratings and targets being issued by other analysts.
• eToro reported $0.56 earnings per share for its latest quarter, exceeding analysts' expectations and marking a 13.3% year-over-year revenue increase to $209.63 million.

eToro Group (NASDAQ:ETOR - Get Free Report)'s stock had its "buy" rating reissued by Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $78.00 price objective on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 82.97% from the company's current price.

A number of other equities analysts have also recently issued reports on ETOR. The Goldman Sachs Group dropped their price objective on eToro Group from $78.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. Cantor Fitzgerald started coverage on eToro Group in a research note on Monday, June 9th. They issued an "overweight" rating and a $84.00 price objective on the stock. Wall Street Zen raised eToro Group to a "hold" rating in a research note on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft started coverage on eToro Group in a research note on Monday, June 9th. They issued a "hold" rating and a $70.00 price objective on the stock. Finally, Susquehanna dropped their price objective on eToro Group from $70.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.88.

eToro Group Trading Down 6.1%

ETOR opened at $42.63 on Thursday. eToro Group has a 12 month low of $42.42 and a 12 month high of $79.96. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $53.42.

eToro Group (NASDAQ:ETOR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $0.56 earnings per share (EPS) for the quarter, beating 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. The business's quarterly revenue was up 13.3% on a year-over-year basis.

Hedge Funds Weigh In On eToro Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. purchased a new position in eToro Group in the 2nd quarter worth $43,397,000. Adage Capital Partners GP L.L.C. purchased a new position in eToro Group in the 2nd quarter worth $33,812,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in eToro Group in the 2nd quarter worth $28,048,000. Nikko Asset Management Americas Inc. purchased a new position in eToro Group in the 2nd quarter worth $27,875,000. Finally, Marshall Wace LLP purchased a new position in eToro Group in the 2nd quarter worth $17,360,000.

About eToro Group

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