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Etsy Inc (NASDAQ:ETSY) shares are trading higher Thursday following comments from Elliott Investment Management at the Sohn Conference on Wednesday.
What Happened: At the Sohn Conference in New York on Wednesday, Elliott Investment Management managing partner Jesse Cohn said he believes Etsy will generate “significant, multi-year upside,” per Reuters.
Cohn compared the opportunity in Etsy to Pinterest Inc (NYSE:PINS), which Elliott appointed a board member to in 2022. He noted that Elliott currently has a stake of more than 10% in Etsy.
Cohn reportedly said he sees room for “product engagement and monetization opportunities” at Etsy, as well as potential to add more buyers and increase the amount of money they spend on the Etsy platform.
Etsy appointed Elliott portfolio manager Marc Steinberg to its board in February.
“Etsy has a highly differentiated position in the e-commerce landscape and a uniquely attractive business model, supported by a distinctive and engaged community,” Steinberg said at the time.
“We became a sizable investor in Etsy and I am joining its board because I believe there is an opportunity for significant value creation.”
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When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future. When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.
Etsy's revenue has grown at an average rate of 40.78% annually over the past five years. The average one-year price target from analysts is $79.08, representing an expected 19.01% upside in 2025.
While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Etsy have seen an annualized return of -30.87%, underperforming the S&P 500 index by 39.39%. This compares to 2.08% growth in the overall Consumer Discretionary sector. Etsy has a beta of 0.78.
ETSY Price Action: Etsy shares are down nearly 20% year-to-date. The stock was up 1.86% at $66.37 at the time of publication, according to Benzinga Pro.
Photo: Sergei Elagin from Shutterstock.
