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Etsy (ETSY) Soars 9.1%: Is Further Upside Left in the Stock?
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Etsy (ETSY - Free Report) shares soared 9.1% in the last trading session to close at $72.62. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.9% loss over the past four weeks.
Etsy extended its rally, driven by the latest appointment of Marc Steinberg, partner at Elliott Management, to its board. Marc Steinberg becomes the largest shareholder in Etsy as Elliott Investment Management holds 13% stake in the company.
This online crafts marketplace is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of +1.3%. Revenues are expected to be $827.4 million, up 2.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Etsy, the consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ETSY going forward to see if this recent jump can turn into more strength down the road.
Etsy is a member of the Zacks Internet - Services industry. One other stock in the same industry, Upwork (UPWK - Free Report) , finished the last trading session 1.9% higher at $13.97. UPWK has returned -1.5% over the past month.
For Upwork, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. This represents a change of +325% from what the company reported a year ago. Upwork currently has a Zacks Rank of #1 (Strong Buy).
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Etsy (ETSY) Soars 9.1%: Is Further Upside Left in the Stock?
Etsy (ETSY - Free Report) shares soared 9.1% in the last trading session to close at $72.62. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.9% loss over the past four weeks.
Etsy extended its rally, driven by the latest appointment of Marc Steinberg, partner at Elliott Management, to its board. Marc Steinberg becomes the largest shareholder in Etsy as Elliott Investment Management holds 13% stake in the company.
This online crafts marketplace is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of +1.3%. Revenues are expected to be $827.4 million, up 2.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Etsy, the consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ETSY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Etsy is a member of the Zacks Internet - Services industry. One other stock in the same industry, Upwork (UPWK - Free Report) , finished the last trading session 1.9% higher at $13.97. UPWK has returned -1.5% over the past month.
For Upwork, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.17. This represents a change of +325% from what the company reported a year ago. Upwork currently has a Zacks Rank of #1 (Strong Buy).