Etsy Shares Rise as Online Retailers Ride Roller-Coaster

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Etsy  (ETSY) – Get Report shares rose Thursday as the online arts-and-crafts retailer joined fellow Internet retailers in a continuing roller-coaster ride.

Etsy recently traded at $213.12, up 5.4%, and has climbed about 9% in the past six months with plenty of ups and downs.

Among other online retailers, Amazon  (AMZN) – Get Report recently traded at $3,320, up 0.6%, and Wayfair  (W) – Get Report was at $293.30, up 2%.

Earlier this month, Etsy reported better-than-expected second-quarter earnings, but provided a third-quarter revenue forecast that fell short of analysts’ estimates.

Etsy posted profit and revenue that handily beat Wall Street estimates, but said it now expects revenue of between $500 million and $525 million for the current quarter, below current consensus forecasts of $527.5 million.

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That prompted a raft of negative reactions from Wall Street analysts, with Truist Securities analysts Naved Khan and Youssef Squali calling the outlook “disappointing” and Roth Capital Partners cutting its rating on the stock.

Truist’s Khan and Squali trimmed their one-year price target on Etsy to $215 from $217, nonetheless noting the outlook “masks strength in the core business.” 

They said Etsy “should be able to sustain healthy growth as trends normalize” after the first quarter of 2022. The duo held their buy rating on the shares.

Roth analysts Darren Aftahi and Dillon Heslin shared a harsher post-earnings review, downgrading the stock to neutral from buy and cutting their price target to $1! 80 from $245.

“It is hard to see how growth can reaccelerate from here without another macro tailwind amid tough [comparisons]” for the next two to three quarters, they wrote.

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