ELF is pushing above two levels of resistance
Cosmetics name e.l.f. Beauty Inc (NYSE:ELF) is moving 5.4% higher this morning, last seen at $17.23 surging on the heels of an upgrade to "overweight" from "neutral" out of Piper Sandler. This was triggered by a TikTok campaign the company had put out in late 2019 called "#elfingamazing," which has since gathered billions of views. ELF is now eyeing its highest open since late-November, pushing above the recent resistance of the $16 level, and the 120-day moving average.
Heading into today, covering brokerage firms looked optimistic, with seven of 11 analysts sporting a "buy" or "strong buy" rating. Even further, the stock's average 12-month price target of $20.72 comes in 20% above current trading levels.
Short interest has been rolling back on the equity, specifically down 4.9% during the most recent reporting period. This accounts for 3.7% of e.l.f. stock's total available float, or just under two days' of pent-up buying buying power.
Worth noting on the heel's of today's surge is ELF has tended to make smaller moves than what the options market has priced in, looking back 12 months. This is per e.l.f. Beauty stock's Schaeffer's Volatility Scorecard (SVS), which sits at a relatively low 17, out of a possible 100.