Etsy Inc ( ETSY ) shares are trading higher Thursday following comments from Elliott Investment Management at the Sohn Conference on Wednesday.

What Happened: At the Sohn Conference in New York on Wednesday, Elliott Investment Management managing partner Jesse Cohn said he believes Etsy ( ETSY ) will generate “significant, multi-year upside,” per Reuters.

Cohn compared the opportunity in Etsy ( ETSY ) to Pinterest Inc ( PINS ) , which Elliott appointed a board member to in 2022. He noted that Elliott currently has a stake of more than 10% in Etsy ( ETSY ).

Cohn reportedly said he sees room for “product engagement and monetization opportunities” at Etsy ( ETSY ), as well as potential to add more buyers and increase the amount of money they spend on the Etsy ( ETSY ) platform.

Etsy ( ETSY ) appointed Elliott portfolio manager Marc Steinberg to its board in February.

“Etsy has a highly differentiated position in the e-commerce landscape and a uniquely attractive business model, supported by a distinctive and engaged community,” Steinberg said at the time.

“We became a sizable investor in Etsy ( ETSY ) and I am joining its board because I believe there is an opportunity for significant value creation.”

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ETSY Stock Prediction 2024

When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future. When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.

Etsy's ( ETSY ) revenue has grown at an average rate of 40.78% annually over the past five years. The average one-year price target from analysts is $79.08, representing an expected 19.01% upside in 2025.

While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Etsy ( ETSY ) have seen an annualized return of -30.87%, underperforming the S&P 500 index by 39.39%. This compares to 2.08% growth in the overall Consumer Discretionary sector. Etsy ( ETSY ) has a beta of 0.78.

ETSY Price Action: Etsy ( ETSY ) shares are down nearly 20% year-to-date. The stock was up 1.86% at $66.37 at the time of publication, according to Benzinga Pro.