Etsy (NASDAQ:ETSY – Get Free Report) declared that its board has initiated a share repurchase plan on Wednesday, October 30th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Etsy Stock Up 2.6 %
Shares of ETSY opened at $52.77 on Friday. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58. The stock has a market cap of $6.06 billion, a P/E ratio of 26.92, a P/E/G ratio of 5.39 and a beta of 1.97. The business’s 50 day moving average price is $52.60 and its 200-day moving average price is $58.15.
Etsy (NASDAQ:ETSY – Get Free Report) last issued 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). The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 EPS. On average, equities analysts anticipate that Etsy will post 2.37 EPS for the current year.
Wall Street Analyst Weigh In
Read Our Latest Stock Analysis on ETSY
Insiders Place Their Bets
In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Toni Thompson Nadal sold 1,443 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 value of $73,751.73. Following the sale, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated 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 sold a total of 4,619 shares of company stock worth $240,825 over the last three months. 2.60% of the stock is currently owned by company insiders.
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.
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