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What the Options Market Tells Us About e.l.f. Beauty

Author: Benzinga Insights | September 04, 2024 04:45pm

Deep-pocketed investors have adopted a bullish approach towards e.l.f. Beauty (NYSE:ELF), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ELF usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for e.l.f. Beauty. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 70% leaning bullish and 10% bearish. Among these notable options, 4 are puts, totaling $147,670, and 6 are calls, amounting to $395,873.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $90.0 to $310.0 for e.l.f. Beauty over the recent three months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for e.l.f. Beauty's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of e.l.f. Beauty's whale activity within a strike price range from $90.0 to $310.0 in the last 30 days.

e.l.f. Beauty Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
ELF CALL SWEEP BULLISH 09/20/24 $7.5 $7.3 $7.5 $135.00 $225.0K 15 319
ELF PUT SWEEP NEUTRAL 03/21/25 $6.7 $6.4 $6.55 $95.00 $52.4K 0 100
ELF CALL TRADE BULLISH 01/16/26 $6.8 $5.7 $6.8 $310.00 $46.2K 231 140
ELF PUT SWEEP NEUTRAL 03/21/25 $5.5 $5.3 $5.4 $90.00 $43.2K 6 100
ELF CALL TRADE BULLISH 12/20/24 $19.2 $19.0 $19.2 $140.00 $38.4K 26 41

About e.l.f. Beauty

e.l.f. Beauty Inc is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty-free cosmetics and skin care products. The Company's mission is to make the best of beauty accessible to every eye, lip, face, and skin concern. The company offers cosmetic accessories for women which include eyeliner, mascara, false eyelashes, lipstick, the foundation for the face, moisturizer, cleanser, and other tools through its stores and e-commerce channels. The products that the company sells are marketed under the e.l.f. Cosmetics, W3LL PEOPLE and Keys Soulcare brands. It carries out sales within the US and internationally, out of which maximum revenue is generated from the US.

Having examined the options trading patterns of e.l.f. Beauty, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

e.l.f. Beauty's Current Market Status

  • With a volume of 1,602,274, the price of ELF is down -2.08% at $137.32.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 56 days.

Expert Opinions on e.l.f. Beauty

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $230.6.

  • An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $260.
  • An analyst from DA Davidson persists with their Buy rating on e.l.f. Beauty, maintaining a target price of $223.
  • Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on e.l.f. Beauty with a target price of $207.
  • Consistent in their evaluation, an analyst from Baird keeps a Outperform rating on e.l.f. Beauty with a target price of $240.
  • An analyst from DA Davidson has decided to maintain their Buy rating on e.l.f. Beauty, which currently sits at a price target of $223.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for e.l.f. Beauty with Benzinga Pro for real-time alerts.

Posted In: ELF

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