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Investing.com - Mizuho (NYSE:MFG) maintained its Outperform rating and $80.00 price target on eToro Group (NASDAQ:ETOR) following the company’s second-quarter results. The stock, currently trading near its 52-week low of $52.88, has seen a significant decline of 17.46% year-to-date. InvestingPro analysis suggests the stock is currently overvalued, with additional insights available to subscribers.
eToro reported revenue of $210 million for the quarter, exceeding consensus expectations of $198 million, according to Mizuho’s analysis.
The company’s equity commission-based trading (ECC) volume came in slightly below estimates at 121 million versus 135 million expected, but higher revenue per trade of $0.94 compared to the anticipated $0.68 drove ECC revenue to $114 million, surpassing the $92 million estimate.
Crypto trades were lower than expected at 9 million compared to Mizuho’s estimate of 14 million, which the firm attributed to market conditions. However, higher net crypto revenue per trade of $3.0 versus $2.5 helped boost net crypto revenue to $27 million, though this fell short of Mizuho’s $36 million projection.
The financial services firm noted that further pricing opportunities and organic funded accounts growth trajectory, which reached 3.63 million, would likely be key topics during eToro’s earnings call.
In other recent news, eToro Group Ltd . announced plans to expand its trading hours and introduce tokenized U.S.-listed equities. The company will offer 24/5 trading for 100 popular U.S.-listed stocks and ETFs, enabling users to trade outside traditional market hours. Additionally, eToro has secured a $250 million revolving credit facility to enhance its financial flexibility for strategic growth. Canaccord Genuity reiterated a Buy rating on eToro’s stock, citing growth potential and aligning with the company’s recent public debut performance. Deutsche Bank (ETR:DBKGn) also initiated coverage with a Buy rating, setting a price target of $70, highlighting eToro’s unique social trading platform as a market differentiator. These developments are part of eToro’s strategy to move toward a tokenized future and attract a broader user base. Furthermore, eToro plans to host a webinar to showcase new product updates and upcoming features.
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