Key Points
For the second day in a row, discouraged investors traded out of the company following an earnings release.
This was compounded by several post-earnings analyst price target reductions.
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Next-generation fintech eToro Group (NASDAQ: ETOR) was looking like quite the tired animal on the stock market Wednesday. For the third trading session in a row its shares closed the day lower in price, sinking by more than 5% as the S&P 500 index ended 0.3% higher. Several analyst price target cuts were a key reason why.
Time to get out the scissors
Those moves occurred a day after eToro published its second quarter earnings report. The company didn’t perform badly at all during the period, in fact it notched a double beat on both the top and bottom lines. However, it’s a fast-growing company in a lucrative field, and it seems investors were hungry for even better numbers.
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Several analysts tracking eToro stock also hoped for more, expressing some degree of disappointment by shaving their price targets. By my count five of them made such cuts on Hump Day.
Among the choppers was Keefe, Bruyette & Woods’ Kyle Vogt, who set a new fair value assessment of $60 per share for the fintech, from the preceding $65. He’s lukewarm on eToro’s prospects, as he continues to rate it as a market perform (hold). Maintaining a similar recommendation was Citigroup‘s Christopher Allen, accompanied by a $72 per share to $62 price target cut.
Staying cautiously bullish on eToro
Meanwhile, three of the five price target reducers kept their buy recommendations on eToro intact. This clutch included Needham’s John Todaro, who despite his $80 per share to $76 reduction is still a believer in the company’s future.
According to reports, Todaro expressed some concern about the company’s future take from cryptocurrency trading, following the run-up with Ethereum. However that segment is small compared to the company’s overall operations, the analyst wrote.
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Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
