eToro Group (NASDAQ:ETOR) Price Target Cut to $53.00 by Analysts at Canaccord Genuity Group

eToro Group (NASDAQ:ETOR) had its target price reduced by Canaccord Genuity Group from $65.00 to $53.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 78.81% from the company’s previous close.

Several other analysts have also weighed in on ETOR. Weiss Ratings started coverage on shares of eToro Group in a research note on Tuesday, August 11th. They issued a “hold (c-)” rating for the company. Zacks Research cut eToro Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Mizuho reduced their price objective on shares of eToro Group from $60.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. UBS Group dropped their price target on eToro Group from $50.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Citizens Jmp upped their price objective on eToro Group from $85.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 13th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.47.

eToro Group Trading Up 4.0%

NASDAQ:ETOR traded up $1.14 on Thursday, reaching $29.64. 1,540,838 shares of the stock traded hands, compared to its average volume of 1,197,562. 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 1-year low of $24.74 and a 1-year high of $47.70. The company’s 50 day moving average is $36.75 and its 200-day moving average is $34.84. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.75 and a beta of 1.68.

eToro Group (NASDAQ:ETOR) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. eToro Group had a net margin of 2.17% and a return on equity of 20.26%. The company had revenue of $1.59 billion for the quarter. During the same period in the prior year, the company posted $0.56 earnings per share. The company’s revenue for the quarter was down 23.9% compared to the same quarter last year. Equities research analysts anticipate that eToro Group will post 2.7 EPS for the current fiscal year.

Insider Activity

In other news, CEO Hedva Ber sold 55,160 shares of eToro Group stock in a transaction on Monday, June 1st. The stock was sold at an average price of $41.90, for a total value of $2,311,204.00. Following the completion of the transaction, the chief executive officer directly owned 20,660 shares in the company, valued at approximately $865,654. The trade was a 72.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ETOR. Harel Insurance Investments & Financial Services Ltd. purchased a new position in eToro Group during the fourth quarter valued at approximately $43,136,000. Sei Investments Co. purchased a new stake in eToro Group in the 1st quarter worth approximately $2,579,000. Bank of New York Mellon Corp bought a new position in eToro Group in the 1st quarter valued at $6,048,000. Saba Capital Management L.P. boosted its holdings 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 purchasing an additional 123,952 shares during the period. Finally, Ibex Investors LLC grew its position in shares of eToro Group by 1,016.9% during the 4th quarter. Ibex Investors LLC now owns 450,000 shares of the company’s stock valued at $15,808,000 after purchasing an additional 409,711 shares in the last quarter.

eToro Group Company Profile

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.