Etsy approves $1B worth of more buyback firepower
Paul Zimmerman/Getty Images Entertainment
Etsy (NASDAQ:ETSY) disclosed voting results of its annual meeting held on June 14.
The online retailer elected three Class II director nominees and approved the compensation level of executive officers. Stockholders did not approve the advisory stockholder proposal requesting a report on the effectiveness of Etsy’s (ETSY) efforts to prevent harassment and discrimination.
Etsy (ETSY) also noted that the board of directors approved a new stock repurchase program authorizing the company to repurchase up to $1B worth of its common stock.
The latest update on Etsy (ETSY) from Needham analyst Anna Andreeva saw estimates trimmed slightly to closer to the Street marks. She noted the timing for GMS inflection is the top investor concern on the stock, although after a smaller profitability beat in 1Q23, the firm thinks margins could surprise to the upside in the second half of the year.
Shares of Etsy (ETSY) gained 0.75% in early afternoon trading on Tuesday and are at a six-week high.
