The stock of Etsy, Inc. (NASDAQ:ETSY) is now priced at $125.48 and the shares are -3.26 points down or -2.53% lower compared to its previous closing price of $128.74. The stock had 3.562 million contracts set over the past session. ETSY shares’ daily volume is compared to its average trading volume at 3.46 million shares. However, it has a float of 118 million and although its performance was -5.66% over the week, it’s one to watch. Analysts have given the ETSY stock a yearly average price target of $98 per share. It means the stock’s downside potential is -21.9% with the ETSY share price recently placing at $124.153 to $129.625. However, some brokerage firms have priced the stock below the average, including one that has called $68.
The shorts are climbing into the Etsy, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ETSY shares have risen. Short interest in the stock represents just 5.85% of its float, but the volume has raised by 943588. The volume of shorted shares rised to 7.826 million from 6.883 million shares over the last two weeks. The average intraday trading volume has been 5.286 million shares, which means that days to cover moved to roughly 1.480596.
In the last trading session, Etsy, Inc. (NASDAQ:ETSY) dropped by -$7.53 over the week and gained $23.03 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $141.41. The stock recorded its established 52-week high on 08/10/20.
Since 03/23/20, the stock has traded to a low of $29.95 at 318.96%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.46. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Etsy, Inc.’s two-week RSI is 53.69. This suggests that the stock is neutral at the moment and that ETSY shares’ price movement remains stable. The stochastic readings are equally revealing at 32.62% meaning the ETSY share price is currently in neutral territory.
The technical chart shows that the ETSY stock will likely settle at between $128.69 and $131.89 per share. However, if the stock dips below $123.21, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $120.95.
Currently, the stock is trading in the red of MACD, with a reading of -1.42. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at ROTH Capital raised their recommendation for ETSY from Neutral to Buy in August 06 review while maintain their target price of $160. Needham analysts see the stock as a Buy, but they also dropped the share’s target price from $88 to $130 in a flash note released to investors on August 03. RBC Capital Mkts analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices down on June 23, placing it at $117 from $79.
The average rating for the ETSY equity is 1.88 and is currently gathering a bullish momentum. Of 17 analysts tracking Etsy, Inc. polled by Reuters, 1 rated ETSY as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (15) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ETSY stock price is 59.61X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 99.6 above the group’s average of 68.7. Etsy, Inc. has its P/E ratio at 28.6, which means that the stock is currently trading at a premium relative to the 15.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Etsy, Inc. (NASDAQ:ETSY) will decrease by about -99.9%, which will see them reach $408 million. The company’s full-year revenues are, however, expected to increase by about 83.29%, up from $818 million to $1500 million. ETSY’s expected adjusted earnings should surge almost 383.33% to end up at $0.58 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 153.95% to record $1.93/share.