Why Etsy Shares Are Falling

Etsy Inc ETSY shares are trading lower by 13.58% at $94.50 after the company reported first-quarter earnings results and issued second-quarter sales guidance below analyst estimates.

Etsy reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 59 cents. The company also reported quarterly sales of $579.27 million which beat the analyst consensus estimate of $575.44 million by 1%.

Etsy sees second-quarter sales as low as $540 million or as high as $590 million, which is lower than the analyst consensus estimate of $627.79 million.

Morgan Stanley Thursday morning maintained Etsy with an Equal-Weight and lowered the price target from $154 to $113.

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Etsy operates a top-10 e-commerce marketplace.

According to data from Benzinga Pro, Etsy has a 52-week high of $307.75 and a 52-week low of $90.62.