Research Analysts Offer Predictions for Etsy FY2024 Earnings

Etsy, Inc. (NASDAQ:ETSY) – Equities researchers at Wedbush dropped their FY2024 EPS estimates for Etsy in a note issued to investors on Thursday, October 31st. Wedbush analyst S. Devitt now forecasts that the specialty retailer will post earnings per share of $2.22 for the year, down from their previous estimate of $2.28. Wedbush has a “Hold” rating on the stock. The consensus estimate for Etsy’s current full-year earnings is $2.30 per share. Wedbush also issued estimates for Etsy’s Q4 2024 earnings at $0.93 EPS, Q1 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.65 EPS, FY2025 earnings at $2.69 EPS and FY2026 earnings at $2.99 EPS.

Other equities analysts have also recently issued research reports about the stock. Truist Financial dropped their price objective on shares of Etsy from $76.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Loop Capital dropped 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. Raymond James decreased their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Piper Sandler reissued a “neutral” rating and issued a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Finally, The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and cut their target price for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Etsy has an average rating of “Hold” and a consensus price target of $64.87.

Etsy Stock Down 0.9 %

Shares of ETSY stock opened at $52.27 on Monday. The firm has a market cap of $6.00 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 5.94 and a beta of 1.99. Etsy has a 12 month low of $47.10 and a 12 month high of $89.58. The stock has a 50 day moving average of $52.60 and a 200-day moving average of $58.02.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data 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). The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS.

Etsy announced that its Board of Directors has initiated a stock 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 usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. 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 90 days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Meritage Portfolio Management grew its stake in Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after acquiring an additional 159,820 shares during the period. Assetmark Inc. grew its position in shares of Etsy by 9.0% in the 3rd quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer’s stock valued at $1,356,000 after purchasing an additional 2,025 shares during the period. Applied Finance Capital Management LLC bought a new stake in Etsy during the 3rd quarter worth approximately $1,289,000. Capital Performance Advisors LLP acquired a new stake in Etsy during the 3rd quarter worth approximately $43,000. Finally, Olympiad Research LP bought a new position in Etsy in the third quarter valued at approximately $364,000. Institutional investors and hedge funds own 99.53% 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.