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Roth Capital Partners on Tuesday issued a company note on Etsy Inc (NASDAQ: ETSY) amid signs of decelerating growth in active sellers and marketplace revenue. Roth initiated coverage of Etsy with a Sell rating and $5.75 price target.
Analyst Darren Aftahi wrote, "ETSY has built the premier brand in the handmade and unique goods marketplace segment, as well as a meaningful business with solid growth. However, when we look at the true health of a marketplace, we focus on marketplace growth, which we believe is reflective of ETSY's gross merchandise sales (GMS) and marketplace revenue growth, both of which continue to decelerate."
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Etsy's main business operation is acting as an online marketplace for the selling of handmade and vintage items. Analysts at Roth believe its business activity may be hurt in the future due to Amazon.com, Inc. (NASDAQ: AMZN)'s Amazon Handmade. Due to Amazon's consumer power, wide target audience, and strong marketing platform, Etsy's growth could be challenged in the near term.
Roth also believes this may hurt Etsy's margins going forward because the company may have to spend more on digital advertising to compete with Amazon and maintain market share.
Shares of Etsy recently traded at $8.27, down 5 percent.
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.