Etsy Expands Ecommerce Acquisitions With Brazil-Based Elo7

The e-tailer acquired Gen-Z favorite Depop earlier in the month

Digital Content Manager
Jun 28, 2021 at 10:01 AM
facebook twitter linkedin

E-tail heavyweight Etsy Inc (NASDAQ:ETSY) is expanding its acquisitions even further, after acquiring Gen-Z favorite Depop earlier in the month. This time, Etsy is buying Elo7 -- a Brazilian online marketplace for handmade goods -- for $217 million in cash. The company will continue to be headquartered in São Paulo, and operate under its existing leadership team. 

ETSY is up 1.3% at $187.12 at last check. Late last week, the stock closed its May bear gap, and is now headed for its ninth-straight win. The stock also looks like it might be able to take out its 100-day moving average, which has acted as an area of pressure since April. Plus, year-over-year, it sports an impressive 82.5% lead. 

Analysts are optimistic on the e-tailer, with 12 of the 14 calling it a "strong buy," Plus, the 12-month consensus price target of $223.31 is a 20.8% premium to last night's close. 

An unwinding of shorts could put additional wind at the equity's back. Short interest rose 9% in the last two reporting periods, and now represents 5.7% of the stock's available float, or 2.3 days at its average daily pace of trading. 


Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!