Research Analysts Set Expectations for Etsy FY2024 Earnings

Etsy, Inc. (NASDAQ:ETSY) – Research analysts at B. Riley cut their FY2024 EPS estimates for shares of Etsy in a research report issued to clients and investors on Thursday, October 31st. B. Riley analyst N. Khan now forecasts that the specialty retailer will post earnings per share of $2.23 for the year, down from their prior forecast of $2.37. The consensus estimate for Etsy’s current full-year earnings is $2.37 per share. B. Riley also issued estimates for Etsy’s Q4 2024 earnings at $0.99 EPS, Q1 2025 earnings at $0.45 EPS, Q2 2025 earnings at $0.54 EPS, Q3 2025 earnings at $0.50 EPS and Q4 2025 earnings at $1.04 EPS.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 47.52%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period in the previous year, the company earned $0.64 earnings per share. Etsy’s revenue was up 4.1% on a year-over-year basis.

ETSY has been the subject of several other reports. Bank of America decreased their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Wolfe Research assumed coverage on shares of Etsy in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 price objective on shares of Etsy in a research note on Monday, October 7th. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Finally, Piper Sandler reiterated a “neutral” rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $64.87.

Etsy Stock Up 2.6 %

Etsy stock opened at $52.77 on Friday. The stock has a 50-day moving average price of $52.60 and a 200 day moving average price of $58.15. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 26.92, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETSY. Assetmark Inc. grew its holdings in shares of Etsy by 9.0% during the 3rd quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer’s stock worth $1,356,000 after purchasing an additional 2,025 shares during the period. Applied Finance Capital Management LLC acquired a new position in Etsy in the third quarter valued at about $1,289,000. Capital Performance Advisors LLP purchased a new position in Etsy during the third quarter worth about $43,000. Olympiad Research LP acquired a new stake in shares of Etsy during the third quarter valued at about $364,000. Finally, Principal Financial Group Inc. raised its stake in shares of Etsy by 313.1% in the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,619 shares of company stock worth $240,825 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Etsy declared that its board has authorized a share buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Etsy Company Profile

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.