Etsy (NASDAQ:ETSY) Announces Quarterly Earnings Results

Etsy (NASDAQ:ETSY) released its quarterly earnings results on Wednesday. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09), Briefing.com reports. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share.

Etsy Stock Up 8.3 %

Etsy stock traded up $3.97 during midday trading on Thursday, hitting $51.96. 5,786,582 shares of the stock were exchanged, compared to its average volume of 3,740,919. The stock has a market capitalization of $6.08 billion, a PE ratio of 24.88, a P/E/G ratio of 4.85 and a beta of 1.97. The company has a fifty day simple moving average of $52.70 and a two-hundred day simple moving average of $58.30. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ETSY shares. Wells Fargo & Company cut their target price on Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a research report on Thursday, October 3rd. Wedbush cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reiterated a “buy” rating and issued a $76.00 target price on shares of Etsy in a report on Tuesday, September 24th. Loop Capital reduced their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research report on Monday, August 12th. Finally, Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Etsy currently has an average rating of “Hold” and an average target price of $66.48.

Etsy announced that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,619 shares of company stock valued at $240,825. Corporate insiders own 2.60% of the company’s stock.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.