{"id":166740,"date":"2020-06-24T14:32:00","date_gmt":"2020-06-24T14:32:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/etsy-share-prices-triple-to-all-time-high-during-covid-19-pandemic\/"},"modified":"2021-08-06T12:06:18","modified_gmt":"2021-08-06T12:06:18","slug":"etsy-share-prices-triple-to-all-time-high-during-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/etsy-share-prices-triple-to-all-time-high-during-covid-19-pandemic\/","title":{"rendered":"Etsy share prices triple to all time high during COVID-19 pandemic"},"content":{"rendered":"
Etsy\u2019s stock price has more than tripled since mid-March and currently is at a record high making it amongst the far and few retail success stories during the Coronavirus outbreak<\/strong>.<\/p>\n The online marketplace for independent sellers has seen a drastic turnaround since March when its share value soared by more than half over coronavirus fears.<\/p>\n In early April the retailer called on its network of sellers and makers to \u201cstart making face masks\u201d to cater to a growing demand.<\/p>\n A week later Etsy reported that buyers were searching face masks online an average of nine times per second since the announcement, totalling over two-million searches.<\/p>\n Throughout the rest of April, the marketplace, which charges users a listing fee for each item and takes a small commission on sales, sold over 12 million masks worth a total of $133 million, with its non-mask sales also plummeting by 79%.<\/p>\n This boom in sales has meant its share price has more than tripled to an all-time high of $101.22, following a 5.1% rise on Tuesday.<\/p>\n This follows after RBC Capital Markets significantly increased its price target from $79 to $117, while Goldman Sachs increased its target from $88 to $120.<\/p>\n A survey conducted by RBC revealed that 82% of respondents intend to spend more on Etsy over the next year, while Goldman noted a more than 100% year-on-year increase in Etsy app downloads in June.<\/p>\n Jefferies said that the rise in mask sales has<\/strong> \u201chelped introduce its broader offerings to new shoppers\u201d, and that a \u201crebound in categories relating to social events\u201d would help offset falling mask sales.<\/p>\n RBC also predicted that sales for 2021 would continue to increase, jumping 22% from 2020 and pointing to healthy growth for the company long outlasting the global lockdown.<\/p>\n