Elf Beauty Stock's Pullback May Be Temporary

An unwinding of pessimism in the options pits could boost the equity

Digital Content Manager
Jul 24, 2023 at 2:44 PM
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elf Beauty Inc (NYSE:ELF) stock is fresh off a July 18, record high of $120.61, while boasting a 99.2% year-to-date lead. While the shares are taking a breather today, last seen down 1.5% to trade at $109.93 at last check, the $100 region looks ready to keep any additional losses in check. That may not be necessary, however, as the security is also within striking distance of a trendline that has produced bullish returns, historically.

ELF 40 Day

Specifically, elf Beauty stock is within one standard deviation of its 40-day moving average, per Schaeffer's Senior Quantitative Analyst Rocky White. Over the past three years, shares have seen nine similar signals, and were positive one month later 78% of the time, averaging an 8% gain. A move of comparable magnitude would put ELF back above $118. 

Additional tailwinds could stem from an unwinding of pessimism in the options pits. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 1.20 ranks higher than 84% of readings from the last 12 months, indicating puts have been getting picked up at a quicker-than-usual clip.

 

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