e.l.f. Beauty, Inc. (ELF) soared 22.95 percent to $111.27 on Thursday after announcing a deal to acquire Hailey Bieber's skincare brand, Rhode, for up to $1 billion. The acquisition marks a major expansion for the cosmetics company into the celebrity-backed skincare segment.
The stock opened at $108.87 and reached a high of $120.81 during the session on the New York Stock Exchange. Volume surged to 11.8 million shares, well above the average daily volume of 2.6 million. e.l.f. shares have ranged between $49.40 and $219.77 over the past 52 weeks.
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