Four Wall Street firms have downgraded E.l.f. Beauty following a record drop in share value – down 30 percent to its lowest ever level, according to a report published by Bloomberg Quint.

As a mass market player, E.l.f. Beauty has suffered ‘subdued’ sales of late – part and parcel of the reason it is now being reclassified from ‘buy’ to ‘neutral’ by several firms, including Citi. The general trend is towards trading-up, with consumers increasingly turning to luxury products over their mass counterparts.

What’s more, Elf’s pricing model is dependent on low-cost manufacturing in China, which, with relations strained between the US and China, is considered at risk. The threat of higher margins has spooked the market, says Citi’s Wendy Nicholson.