Cantor Fitzgerald Analysts Lower Earnings Estimates for Etsy

Etsy, Inc. (NASDAQ:ETSY) – Equities research analysts at Cantor Fitzgerald reduced their FY2024 earnings per share (EPS) estimates for shares of Etsy in a report issued on Thursday, October 31st. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the specialty retailer will post earnings of $2.41 per share for the year, down from their previous estimate of $2.55. Cantor Fitzgerald has a “Neutral” rating and a $50.00 price target on the stock. The consensus estimate for Etsy’s current full-year earnings is $2.27 per share.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. Etsy’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS.

A number of other equities research analysts also recently weighed in on ETSY. Raymond James decreased their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Piper Sandler reiterated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Wolfe Research initiated coverage on shares of Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $70.00 to $45.00 in a report on Tuesday, October 15th. Finally, Evercore ISI raised Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $64.87.

Etsy Stock Performance

Shares of ETSY opened at $52.73 on Monday. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58. The firm has a market capitalization of $6.05 billion, a P/E ratio of 26.90, a P/E/G ratio of 6.19 and a beta of 1.99. The company has a 50-day simple moving average of $52.54 and a 200-day simple moving average of $57.91.

Etsy declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Merilee Buckley sold 1,676 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,369 shares of company stock worth $280,200 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the period. Larson Financial Group LLC increased its holdings in Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 536 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in Etsy in the 2nd quarter valued at about $42,000. Finally, Capital Performance Advisors LLP purchased a new stake in Etsy during the third quarter valued at about $43,000. Institutional investors own 99.53% of the company’s stock.

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.