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Long Position on ELF @ $71.00 on 2/13/2023 (Momentum)

e.l.f. Beauty, Inc., (ELF) provides cosmetic and skin care products under the e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare brand names worldwide. Stockwinners

The company offers eye, lip, face, paw, and skin care products.

It sells its products through national and international retailers and direct-to-consumer channels, which include e-commerce platforms in the United States, and internationally primarily through distributors. 

Shares have formed a bullish "flag" following its recent earnings report. On February 1st, ELF reported 3rd Quarter December 2022 earnings of $0.44 per share on revenue of $146.5 million. The consensus earnings estimate was $0.23 per share on revenue of $121.6 million. Revenue grew 49.3% on a year-over-year basis.

Guided Higher:  The company said it expects fiscal 2023 non-GAAP earnings of $1.37 to $1.40 per share on revenue of $541.0 million to $545.0 million. The company's previous guidance was earnings of $1.07 to $1.10 per share on revenue of $478.0 million to $486.0 million for the year ending March 31, 2023. Higher share prices are expected.

 

  • Entry Point: $71.00
  • Trading Range: $20.49 to $73.00
  • Stop Loss: $67.50
  • Target Price: $78.10

Updates

3/16/2023 4:06:55 PM

ELF closed at $74.50

Position closed on 3/16/2023 at price of $74.50 with a 4.93% gain in 31 days.

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