B. Riley Comments on Etsy's FY2024 Earnings (NASDAQ:ETSY)

Etsy, Inc. (NASDAQ:ETSY - Free Report) - Equities research analysts at B. Riley decreased their FY2024 earnings per share (EPS) estimates for 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 earn $2.23 per share 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.

Several other research analysts have also weighed in on the company. Piper Sandler reiterated a "neutral" rating and issued a $56.00 price objective on shares of Etsy in a research report on Friday, August 23rd. Barclays lowered their price objective on Etsy from $60.00 to $55.00 and set an "equal weight" rating for the company in a research report on Thursday. Stifel Nicolaus lowered their price objective on Etsy from $64.00 to $56.00 and set a "hold" rating for the company in a research report on Monday. Citigroup lowered their price objective on Etsy from $65.00 to $54.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, UBS Group lowered their price target on Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $64.87.

Etsy Trading Up 2.6 %

Etsy stock traded up $1.33 during mid-day trading on Friday, hitting $52.77. The company's stock had a trading volume of 5,216,869 shares, compared to its average volume of 3,769,234. The firm has a market capitalization of $6.06 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58. The stock's fifty day moving average is $52.60 and its two-hundred day moving average is $58.15.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 9.17% and a negative return on equity of 47.52%. Etsy's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently added to or reduced their stakes in ETSY. Marshall Wace LLP increased its stake in Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer's stock valued at $82,703,000 after purchasing an additional 1,055,296 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer's stock worth $248,623,000 after buying an additional 734,200 shares during the period. Van ECK Associates Corp boosted its position in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer's stock worth $339,964,000 after buying an additional 721,454 shares during the period. Pacer Advisors Inc. boosted its position in shares of Etsy by 52.3% in the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer's stock worth $123,875,000 after buying an additional 721,453 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Etsy by 76.2% in the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer's stock worth $69,685,000 after buying an additional 517,480 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, 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 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is owned by corporate insiders.

Etsy declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.

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.