Canaccord Genuity Group Reaffirms “Buy” Rating for eToro Group (NASDAQ:ETOR)

eToro Group (NASDAQ:ETOR)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a report issued on Tuesday, Benzinga reports. They currently have a $53.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 77.20% from the company’s previous close.

Several other brokerages have also recently issued reports on ETOR. Keefe, Bruyette & Woods reduced their target price on shares of eToro Group from $45.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday, August 12th. Cantor Fitzgerald lowered their price target on shares of eToro Group from $61.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. Zacks Research downgraded eToro Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Needham & Company LLC reduced their price objective on eToro Group from $66.00 to $53.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Finally, The Goldman Sachs Group upped their target price on eToro Group from $32.00 to $36.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.12.

eToro Group Price Performance

Shares of NASDAQ:ETOR opened at $29.91 on Tuesday. eToro Group has a twelve month low of $24.74 and a twelve month high of $46.28. 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 company has a market cap of $2.48 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 0.73 and a beta of 1.64. The company’s 50 day moving average is $33.80 and its 200 day moving average is $35.13.

eToro Group (NASDAQ:ETOR) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $1.59 billion during the quarter. eToro Group had a net margin of 2.17% and a return on equity of 20.26%. The business’s revenue was down 23.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.56 earnings per share. On average, sell-side analysts forecast that eToro Group will post 2.56 EPS for the current year.

Insider Transactions at eToro Group

In other eToro Group news, Director Shalev Eddy sold 100,000 shares of the firm’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 value of $3,120,000.00. Following the sale, the director directly owned 196,779 shares of the company’s stock, valued at approximately $6,139,504.80. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ETOR. Tidal Investments LLC grew its stake in eToro Group by 1.9% in the 2nd quarter. Tidal Investments LLC now owns 666,388 shares of the company’s stock valued at $26,302,000 after acquiring an additional 12,441 shares during the period. Whetstone Capital Advisors LLC increased its holdings in eToro Group by 36.8% in the 2nd quarter. Whetstone Capital Advisors LLC now owns 190,284 shares of the company’s stock worth $7,511,000 after acquiring an additional 51,197 shares in the last quarter. California State Teachers Retirement System lifted its holdings in eToro Group by 12,484.5% during the second quarter. California State Teachers Retirement System now owns 1,929,333 shares of the company’s stock valued at $76,151,000 after purchasing an additional 1,914,002 shares in the last quarter. Wellington Management Group LLP purchased a new position in eToro Group during the second quarter valued at $22,134,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of eToro Group in the second quarter valued at about $939,000.

About eToro Group

eToro Group Ltd. is a global trading and investment platform that operates the eToro online brokerage and social investing network. Founded in 2007 by Yoni Assia, Ronen Assia and David Ring, the company is designed to give individual investors access to financial markets through digital platforms.

eToro’s services include trading and investing in stocks, exchange-traded funds and cryptocurrencies, with product availability varying by jurisdiction. In certain markets, the platform also offers contracts for difference and other investment products.