5 Best Vegan Stocks to Buy Now

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1. e.l.f. Beauty, Inc. (NYSE:ELF)

Number of Hedge Fund Holders: 31

e.l.f. Beauty, Inc. (NYSE:ELF) offers a range of entirely vegan makeup and skincare items through brands like e.l.f. Cosmetics, e.l.f. Skin, Well People, and Keys Soulcare. Their product lineup includes products for eyes, lips, face, and skincare. They sell these products through different channels, including well-known retailers and online platforms, both in the United States and internationally. On August 1, e.l.f. Beauty, Inc. (NYSE:ELF) reported its financial results for the three months ended June 30, 2023. The company disclosed a GAAP EPS of $0.93 and a revenue of $216.3 million, outperforming Wall Street estimates by $0.45 and $31.77 million, respectively. e.l.f. Beauty, Inc. (NYSE:ELF) ranks 1st on our list of the best vegan stocks to buy.

According to Insider Monkey’s second quarter database, 31 hedge funds were bullish on e.l.f. Beauty, Inc. (NYSE:ELF), compared to the previous quarter when 30 funds had invested in the stock. Richard Driehaus’ Driehaus Capital held the largest position in the company, with 891,025 shares worth $101.8 million.

Diamond Hill Long-Short Fund made the following comment about E.l.f. Beauty, Inc. (NYSE:ELF) in its Q4 2022 investor letter:

“New positions initiated in Q4 included shorts International Business Machines (IBM), Acushnet Holdings (GOLF) and E.l.f. Beauty, Inc. (NYSE:ELF). Shares of value-oriented beauty brand ELF received a meaningful boost from normalizing beauty usage and spending in a post-COVID environment, which we believe has contributed to its premium multiple relative to competitors in the beauty space. As this temporary lift unwinds, we expect elf’s valuation to similarly return to a level better aligned with its product offerings.”

Follow E.l.f. Beauty Inc. (NYSE:ELF)

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