e.l.f. Beauty, Inc. (NYSE:ELF) stock fell Wednesday as investors continued selling into the stock's broader downtrend despite a firmer market backdrop ahead of the company's earnings report due later today. The Nasdaq gained 0.53%, while the S&amp;P 500 rose 0.16%.



According to Benzinga Pro, ELF stock has lost over 36% in the past year. Investors can gain exposure to the stock via Corgi Beauty, Skincare &amp; Aesthetics ETF (BATS:GLAM).



On Tuesday, Piper Sandler analyst Anna Andreeva maintained a Neutral rating on the stock and lowered the price forecast from $85 to $60.



Investors are now focused on e.l.f. Beauty's fourth-quarter earnings report scheduled for release later Wednesday. Wall Street expects earnings of 23 cents per share on revenue of $423.59 million. The company has topped EPS estimates in each of the past four quarters.



<h2>Bets Big On ‘SURVIVOR' Fandom</h2>



Separately, e.l.f. Beauty's e.l.f. Beauty cosmetics brand partnered with CBS reality series SURVIVOR for a marketing campaign tied to the &#34;SURVIVOR 50&#34; finale airing Wednesday, May 20.



The &#34;e.l.f.ie Advantage&#34; campaign features comedy-themed vignettes starring Delaney Rowe and Tiffany Ervin, along with a limited-edition product bundle.



The campaign highlights e.l.f.'s Power Grip Primer, Suntouchable Whoa Glow SPF 30 and Camo Concealer products in &#34;SURVIVOR&#34;-inspired challenges.



The company said &#34;SURVIVOR 50&#34; is averaging nearly 10 million viewers and recorded the franchise's highest-ever social engagement for a single episode. e.l.f. will also launch a co-branded &#34;SURVIVOR Buff Bundle&#34; alongside the finale.



<h2>e.l.f. Beauty Technical Analysis</h2>



ELF remains in a firmly bearish trend across timeframes, with the stock trading 13.6% below its 20-day SMA, 20.1% below its 50-day SMA, 30.6% below its 100-day SMA, and 44.2% below its 200-day SMA. That kind of separation from the major averages typically signals that rallies are being sold and that reclaiming trend levels will take time.



Momentum also leans bearish: MACD is below its signal line and the histogram is negative, which suggests upside pressure is fading versus the prior upswing. For non-technical readers, MACD is a way to gauge whether momentum is strengthening or weakening, and being below the signal line usually means sellers have the edge unless the stock can flip that relationship back.



The longer-term damage is still the main story, with the death cross (50-day SMA below the 200-day SMA) in December 2025 keeping the trend bias pointed down. On a 12-month view, shares are down 36.30%, and the stock is now pressing the bottom end of its 52-week range after the most recent swing low formed in May.



<ul>
<li>Key Resistance: $60.00 — a round-number ceiling that also lines up with the 20-day SMA overhead</li>



<li>Key Support: $52.40 — the 52-week low zone from May that's now being tested</li>
</ul>



<h2>Analyst Consensus &amp; Recent Actions</h2>



The stock carries a Buy rating with an average price forecast of $83.17. Recent analyst moves include:



<ul>
<li>Piper Sandler: Neutral (Lowers forecast to $60.00) (May 19)</li>



<li>Canaccord Genuity: Buy (Lowers forecast to $100.00) (May 18)</li>



<li>Morgan Stanley: Downgraded to Equal-Weight (Lowers forecast to $67.00) (May 1)</li>
</ul>



<h2>e.l.f. Beauty Price Action</h2>



ELF Stock Price Activity: e.l.f. Beauty shares were down 1.76% at $52.05 at the time of publication on Wednesday, according to Benzinga Pro data.



Photo by LisaChi via Shutterstock

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e.l.f. Beauty stock fell 1.76% to $52.05 ahead of its Q4 earnings report, with Wall Street expecting earnings of 23 cents per share. The stock has dropped over 36% in the past year, and analysts have mixed ratings, with Piper Sandler lowering its price forecast to $60. The company is also launching a marketing campaign tied to CBS's 'SURVIVOR 50'.

What's Going On With e.l.f. Beauty Stock Wednesday?