Etsy (NASDAQ:ETSY) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Etsy (NASDAQ:ETSY - Get Free Report) posted its earnings results on Wednesday. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.08, RTT News reports. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.62 earnings per share.

Etsy Trading Down 0.3 %

ETSY stock traded down $0.14 during mid-day trading on Friday, reaching $51.26. The company's stock had a trading volume of 4,814,297 shares, compared to its average volume of 3,329,664. The stock has a market cap of $5.77 billion, a PE ratio of 21.63, a P/E/G ratio of 2.55 and a beta of 2.00. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $74.82. The company's 50 day moving average is $54.58 and its two-hundred day moving average is $53.81.

Etsy announced that its Board of Directors has initiated a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ETSY shares. Bank of America decreased their target price on shares of Etsy from $61.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, October 24th. Loop Capital decreased their target price on shares of Etsy from $45.00 to $40.00 and set a "sell" rating for the company in a research report on Thursday. Truist Financial decreased their target price on shares of Etsy from $70.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. Moffett Nathanson lifted their price objective on shares of Etsy from $60.00 to $61.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Finally, Citigroup cut their price objective on shares of Etsy from $56.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Etsy presently has an average rating of "Hold" and a consensus price target of $60.08.

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.