Etsy’s stock soars toward biggest gain in over 3 years after earnings beat

Etsy’s stock soars toward biggest gain in over 3 years after earnings beat

Shares of Etsy Inc. ETSY, +27.18% shot up 27% in active midday trade, putting them on track for the biggest one-day gain in over three years, after the online marketplace reported better-than-expected third-quarter earnings and revenue. Trading volume jumped to 8.0 million shares, compared with the full-day average of about 2.3 million shares. Analyst Scott Devitt raised his stock price target to $50 from $46, but kept his rating at hold. “Etsy reported another impressive quarter exceeding consensus revenue and margin expectations,” Devitt wrote in a note to clients. “Etsy management has done well to reinvigorate growth on the platform over the last year by focusing efforts on key growth initiatives and implementing enhancements to improve the health of the marketplace.” The stock is on track for the biggest gain since it shot up 31% on July 17, 2015, which was about three months after it went public. The stock has now rocketed 151% year to date, while the S&P 500 SPX, +1.55% has gained 4.7%.

Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.

Related posts