Why e.l.f. Beauty Stock Popped Today

e.l.f. Beauty, Inc. ELF shares are trading higher Wednesday after the company reported better-than-expected first-quarter results.

What To Know: The company reported quarterly earnings of $1.10 per share, which beat the analyst consensus estimate of $0.58.

Revenues came in at $216.34 million, which beat the analyst consensus estimate of $184.92 million.

The company raised its fiscal year 2024 outlook, estimating a 37% to 39% year-over-year increase in net sales, as compared to a prior range of 22% to 24%.

On Wednesday, the company also received several analyst price changes.

• DA Davidson analyst Linda Bolton Weiser maintained e.l.f. Beauty with a Buy and raised the price target from $130 to $163.
• Raymond James analyst Olivia Tong maintained e.l.f. Beauty with a Outperform and raised the price target from $125 to $145.
• B of A Securities analyst Anna Lizzul maintained e.l.f. Beauty with a Buy and raised the price target from $120 to $155.
• Morgan Stanley analyst Dara Mohsenian maintained e.l.f. Beauty with a Overweight and raised the price target from $118 to $162.
• Stifel analyst Mark Astrachan maintained e.l.f. Beauty with a Hold and raised the price target from $107 to $127.
• JP Morgan analyst Andrea Teixeira maintained e.l.f. Beauty with a Overweight and raised the price target from $129 to $150.

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ELF Price Action: Shares of ELF were up 15.5% at $134.57 at the time of publication, according to Benzinga Pro.

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