ETOR Stock Forecast & Price Target

Etoro Group is supported by a multi-asset platform with proven product-market fit in core UK/EU markets, giving it a strong base to grow funded accounts, AUA, and share of wallet through new assets, AI, and adjacent financial services. The business also shows operating efficiency, with a forecast mid-30s+ EBITDA margin and modeled three-year CAGR of 11% in net contribution, 15% in adjusted EBITDA, and 20% in EPS, while funded accounts are expected to grow 13% and gross transaction activity 20%. Its valuation appears undemanding versus peers, and accelerating user growth, diversified monetization, and accretive M&A such as Zengo, Bit2C, and TradeZero strengthen the case for continued re-rating potential despite competitive pressure.

Etoro Group is facing a weakening fundamental backdrop as July crypto volume fell 64.1% m/m and ECC volume dropped 29.0% m/m, implying 3Q26 activity could trail both preceding quarters while AUA slipped from $19.2bn to $18.5bn. 2Q26 adjusted EBITDA of $78.1m at a 34.1% margin was the softest since 3Q24, and buybacks of $88m exceeded the roughly $37m of free cash flow, while cash and investments fell by about $62m since 4Q25. Management also sees ECC volume and take rate below expectations, with competition, fee pressure, and slower funded account growth threatening execution and limiting the company’s ability to diversify beyond trading-linked revenue.