Etsy (NASDAQ:ETSY) Posts Quarterly Earnings Results

Etsy (NASDAQ:ETSY) issued its earnings results on Wednesday. The specialty retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.95 by $0.08, RTT News reports. The company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS.

Etsy Price Performance

Etsy stock traded down $0.34 during trading hours on Friday, hitting $51.06. The company had a trading volume of 1,664,336 shares, compared to its average volume of 3,273,023. The firm has a market cap of $5.74 billion, a PE ratio of 21.53, a PEG ratio of 2.55 and a beta of 2.00. Etsy has a one year low of $47.10 and a one year high of $74.82. The firm has a 50-day moving average of $54.58 and a 200 day moving average of $53.81.

Wall Street Analyst Weigh In

ETSY has been the subject of a number of recent analyst reports. Truist Financial lowered their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Bank of America lowered their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company upped their price objective on shares of Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a research report on Thursday. Finally, Moffett Nathanson upped their price objective on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.08.

Etsy declared that its board has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.