eToro Group (NASDAQ:ETOR) Shares Down 6.5% Following Weak Earnings

eToro Group Ltd. (NASDAQ:ETOR) dropped 6.5% during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $21.78 and last traded at $21.8030. 462,687 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 1,163,203 shares. The stock had previously closed at $23.32.

The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). eToro Group had a return on equity of 20.26% and a net margin of 2.17%. The business had revenue of $1.49 billion for the quarter. During the same quarter in the previous year, the firm earned $0.53 earnings per share.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ETOR shares. Citizens Jmp cut their target price on shares of eToro Group from $90.00 to $75.00 and set a “market outperform” rating for the company in a research note on Friday, October 9th. Needham & Company LLC reduced their target price on shares of eToro Group from $55.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, October 21st. Weiss Ratings lowered shares of eToro Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 25th. Zacks Research cut shares of eToro Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 26th. Finally, Bank of America restated a “neutral” rating on shares of eToro Group in a research report on Monday, October 5th. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, eToro Group presently has an average rating of “Hold” and an average target price of $46.00.

Insider Buying and Selling at eToro Group

In other news, Director Shalev Eddy sold 100,000 shares of eToro Group stock in a transaction on Friday, August 28th. The stock was sold at an average price of $31.20, for a total transaction of $3,120,000.00. Following the completion of the sale, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On eToro Group

Hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in eToro Group by 365.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 926 shares of the company’s stock valued at $28,000 after purchasing an additional 727 shares during the period. Nisa Investment Advisors LLC grew its position in eToro Group by 109.7% during the third quarter. Nisa Investment Advisors LLC now owns 1,105 shares of the company’s stock worth $28,000 after buying an additional 578 shares in the last quarter. Asset Management One Co. Ltd. grew its position in eToro Group by 42.7% during the third quarter. Asset Management One Co. Ltd. now owns 1,590 shares of the company’s stock worth $41,000 after buying an additional 476 shares in the last quarter. State of Wyoming increased its stake in eToro Group by 180.0% during the 1st quarter. State of Wyoming now owns 1,932 shares of the company’s stock worth $58,000 after acquiring an additional 1,242 shares during the period. Finally, CI Investments Inc. bought a new position in eToro Group during the 1st quarter worth $227,000.

eToro Group Stock Performance

The stock has a market cap of $1.78 billion, a P/E ratio of 8.16, a price-to-earnings-growth ratio of 0.74 and a beta of 1.84. 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 stock has a 50 day simple moving average of $26.38 and a 200 day simple moving average of $32.44.

eToro Group Company Profile

eToro Group operates an online investing and trading platform that combines access to financial markets with social investing features. Depending on a user’s location, the platform offers instruments such as stocks, exchange-traded funds and cryptoassets, as well as other trading products.

The company’s features include tools for researching and discussing investments and CopyTrader, which lets users view and automatically mirror the portfolios of other investors. Product availability varies by jurisdiction and is subject to local regulations.

Founded in 2007, eToro serves customers in multiple countries.