Etsy (NASDAQ:ETSY) Releases Earnings Results, Beats Estimates By $0.08 EPS

Etsy (NASDAQ:ETSY) released its quarterly earnings data on Wednesday. The specialty retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08, RTT News reports. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. During the same quarter in the prior year, the business posted $0.62 earnings per share.

Etsy Stock Up 0.3 %

Shares of ETSY opened at $57.34 on Wednesday. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 29.26, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. Etsy has a 12 month low of $47.10 and a 12 month high of $78.65. The company’s fifty day moving average is $54.88 and its 200-day moving average is $53.84.

Wall Street Analysts Forecast Growth

Several research firms have commented on ETSY. Truist Financial cut their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Wells Fargo & Company reduced their target price on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Moffett Nathanson boosted their price objective on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Citigroup boosted their price target on Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus lowered their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Four 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.50.

Etsy announced that its board has approved a stock buyback program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company 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.