Business Corpus: Etsy Stock Gets Price Target Increase, Breaks Out To New HighEtsy stock jumped Tuesday as the online retailer received several price target increases after reporting quarterly results late Monday and raising guidance for the year. The post Etsy Stock Gets Price Target Increase, Breaks Out To New High appeared first on Investor's Business Daily.

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Etsy stock broke out to a new high Tuesday as the online retailer received several price target increases after reporting quarterly results and raising guidance for the year.

Etsy (ETSY) shares soared by 11%, near 46.72, during morning trading on the stock market today. The IBD Leaderboard stock opened above a flat-base buy point of 45.98. Etsy stock has more than doubled in price this year. The company held its initial public offering in April 2015, pricing Etsy stock at 16.

KeyBanc Capital Markets analyst Edward Yruma raised his price target on Etsy to 51 from 48.

"While management has made significant changes in a short period of time, we think the Etsy turnaround remains in the early innings," Yruma wrote in a note to clients.

The online retailer provides a platform used by creators of arts and crafts and handmade goods to sell their products. In June, Etsy raised the transaction fees it collects from sellers to 5% from 3.5%.

The higher fees will be used to support increased investments in improving the user experience. Etsy also has improved search capabilities on its site, boosted promoted listings and increased traffic and conversion rates.

Gross Sales Up 20.4%

Late Monday, Etsy reported second-quarter revenue of $132.4 million, up 30% from the year-ago quarter and beating the consensus estimate of $127.1 million. It reported adjusted earnings of 3 cents per share. That missed the consensus of 4 cents and was affected by foreign exchange losses.

Etsy reported gross merchandise sales on its platform of $901.7 million. That's up 20.4% from the year-ago quarter and beating views of $886 million.

RBC Capital Markets analyst Mark Mahaney raised his price target on Etsy to 45 from 42. He maintained a rating of sector perform.

"The second quarter was another strong and improving fundamentals quarter for Etsy, with growth acceleration and margin expansion," Mahaney wrote in a note to clients.

Stifel Nicolaus analyst Scott Devitt raised his price target to 46 from 37.

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The post Etsy Stock Gets Price Target Increase, Breaks Out To New High appeared first on Investor's Business Daily.