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Shares of Etsy Inc (NASDAQ: ETSY) fell vigorously on Wednesday on back of the disappointing quarterly results posted by the company on Tuesday. However Brean Capital analyst Tom Forte released a note to clients recommending them to buy the stock on pullback. Forte was on CNBC recently to explain why he sees Etsy as a buying opportunity.
Good Not Great
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“It’s created a buying opportunity to the extent that I think this is a compelling marketplace company with multiple levers to pull as far as top-line,” Forte said. “If you look at both extending the marketplace and then their seller services basically advertising, payments and shipping. So, I think that the numbers were good not great.”
Concern
He continued, “My concern is the strong dollar is having more of a negative impact than you would anticipate, give or take 30 percent of their volume comes from outside the U.S. We knew that they were going to ramp up the marketing spend, but it also looks like they are going to increase their headcount in the second-quarter.”
“So, I think the combination of strong dollar pressure and the headcount investment is what’s putting pressure on the stock after hours.”
Take Advantage
Forte was asked if this is the right time to buy Etsy or investors should wait, especially when the stock has fallen significantly after reporting its first earnings. He replied, “I looked at it as an opportunity to buy a compelling company that has multiple levers again to pull, long-term growth and I think that you take advantage of the opportunities to get those companies when you can.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.