Investment Research report

e.l.f. Beauty

Previous Item
All Reports
e.l.f. Beauty
The Ugly ELF
Download Report
e.l.f. Beauty
- Spruce Point Capital Management LLC
Download Report 2
e.l.f. Beauty
Download Report 3
e.l.f. Beauty
Download Report 4
e.l.f. Beauty
Download Report 5
e.l.f. Beauty
Download Report 6
e.l.f. Beauty
Download Report 7

Research Overview

S&P 500
Consumer Discretionary
Nov 9, 2023

After conducting a forensic financial review of e.l.f. Beauty (NYSE: ELF), one of the most richly valued stocks in the cosmetics and beauty industry, Spruce Point questions why e.l.f. partnered With Movers+Shakers, an advertising agency co-founded by former members of the NXIVM cult. We find evidence that suggests Movers+Shakers has messaging, branding and continued connections to the teachings of imprisoned cult leader Keith Raniere and his loyalists. The report reveals evidence that e.l.f. has used marketing messages that appear similar to those frequently used within the cult and urges retail partners including Target, Walmart and Ulta Beauty to reevaluate their connections with e.l.f. Based on our investigation, we estimate a 45% to 65% downside risk, or $34.35-$54.00 per share.

Downloads & More

Research Assets & Releases

Join The Mailing List

Spruce Point Alerts & Updates

See the other side of the Wall Street hype machine.