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Why Is e.l.f. (ELF) Stock Soaring Today

November 07, 2024 at 13:43 PM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

ELF Cover Image

What Happened?

Shares of cosmetics company e.l.f. Beauty (NYSE: ELF) jumped 21.1% in the morning session after the company reported impressive third-quarter earnings, which blew past analysts' revenue, EBITDA, and EPS expectations. Sales were driven by market share gains in the US and a 91% year-on-year growth in the international market. ELF expanded its footprint, launching in new markets like Germany, and increasing distribution in existing markets like Canada and the UK. Digital sales are also contributing nicely to growth, rising 40% year on year, supported by its Beauty Squad loyalty program, which has 5.3 million members.

As a result of the improved performance during the quarter, the company was able to comfortably raise its revenue and EBITDA guidance for the full year. Overall, we think this was an impressive quarter.

Is now the time to buy e.l.f.? Access our full analysis report here, it’s free.

What The Market Is Telling Us

e.l.f.’s shares are extremely volatile and have had 35 moves greater than 5% over the last year. But moves this big are rare even for e.l.f. and indicate this news significantly impacted the market’s perception of the business.

The biggest move we wrote about over the last year was 10 months ago when the stock dropped 7.8% on the news that Morgan Stanley analyst Dara Mohsenian downgraded the stock's rating from Overweight (Buy) to Equal Weight (Hold). The analyst added, "With the stock nearly tripling since early 2023 and up 10x since the beginning of 2020, the Bull-Bear skew is now slightly negative, which is rare for this growth stock, and we believe valuation reflects outsized growth in the business."

e.l.f. is down 13.5% since the beginning of the year, and at $121.09 per share, it is trading 44.5% below its 52-week high of $218 from June 2024. Investors who bought $1,000 worth of e.l.f.’s shares 5 years ago would now be looking at an investment worth $7,000.

Today’s young investors won’t have read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.

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