Etsy (NASDAQ:ETSY) Issues Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Etsy (NASDAQ:ETSY) issued its quarterly earnings data on Wednesday. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09), Briefing.com reports. The company had revenue of $662.40 million for 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%. The company’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.

Etsy Trading Up 1.8 %

Shares of ETSY traded up $0.93 during trading hours on Friday, hitting $52.37. The company had a trading volume of 2,469,108 shares, compared to its average volume of 3,756,278. The company has a market capitalization of $6.01 billion, a PE ratio of 26.63, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a one year low of $47.10 and a one year high of $89.58. The company’s fifty day moving average price is $52.70 and its two-hundred day moving average price is $58.30.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Evercore ISI upgraded Etsy to a “strong-buy” rating in a report on Thursday, August 1st. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Wedbush cut their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Citigroup decreased their price objective on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Stifel Nicolaus cut their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $65.65.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Toni Thompson Nadal sold 1,443 shares of the firm’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 $73,751.73. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,619 shares of company stock valued at $240,825 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Etsy declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.