What's Going On With Etsy Stock Today?

Etsy Inc ETSY shares are trading lower Thursday after the company reported mixed first-quarter financial results. Multiple analysts adjusted price targets on the stock following the print. 

• Q1 Revenue: $640.88 million beat estimates of $622.82 million
• Q1 EPS: 53 cents missed estimates of 55 cents

Revenue was up 10.6% year-over-year. Gross merchandise sales were down 4.6% and Etsy marketplace GMS was down 4.7%. The company said consumer discretionary spending came under pressure during the quarter, particularly for lower household income buyers.

The company said it added 7 million new buyers and active buyers on the platform were up 1% year-over-year.

"We are pleased that Etsy has once again delivered solid top and bottom line performance in the first quarter, maintaining the vast majority of our pandemic gains in the face of stiff macroeconomic headwinds," said Josh Silverman, CEO of Etsy.

Etsy said it expects second-quarter revenue to be between $590 million and $640 million, compared to the analyst consensus estimate of $642.3 million. GMS is expected to be between $2.85 billion and $3.1 billion.

Related Link: Etsy Q1 Earnings Highlights: Revenue Beat, GMS Down, YoY Active Buyers Grow For First Quarter Since 2021 And More

Analyst Assessment: 

• Oppenheimer analyst Jason Helfstein maintained Etsy with an Outperform and lowered the price target from $155 to $150.
• Loop Capital analyst Laura Champine maintained Etsy with a Hold and lowered the price target from $125 to $105.
• Evercore ISI Group analyst Shweta Khajuria maintained Etsy with an Outperform and lowered the price target from $140 to $120.
• Morgan Stanley analyst Lauren Schenk maintained Etsy with an Equal-Weight and raised the price target from $74 to $79.
• Needham analyst Anna Andreeva reiterated Etsy with a Buy and maintained a $160 price target.

ETSY Price Action: Etsy shares were down 6.03% at $93 at the time of publication, according to Benzinga Pro.

Photo: Campus Party Europe from Flickr.