Etsy, Inc. (ETSY) shares soared more than 10% on Tuesday after the company reported better-than-expected fourth quarter financial results following the holiday season.

Revenue rose 46.8% to just over $200 million, beating estimates by $5.16 million, and net income reached 32 cents per share, beating consensus estimates by 12 cents per share. Active buyers rose 18.2%, gross margins rose from 67.5% to 71.4%, and adjusted EBITDA grew 48% to $51.4 million. Management expects revenue to grow between 29% and 32% this year with adjusted EBTIDA of $181 million to $197 million.

Analysts responded by raising price targets across the board. Loop Capital raised its price target to $70.00, making it one of the most bullish analyst firms, saying that improvements to the buyer experience will drive sales per active buyer over time. Wedbush analysts raised their price target on Etsy to $60.00 per share, which is below the current market price, noting that the tone of the conference call seemed cautious and that uncertainty remains in 2019.

From a technical standpoint, the stock broke out from an ascending triangle chart pattern earlier this week before extending the breakout during Tuesday's session. The relative strength index (RSI) moved to overbought levels at 76.18, but the moving average convergence divergence (MACD) experienced a bullish crossover. These indicators suggest that the stock could see some near-term consolidation before resuming its intermediate-term uptrend.

Traders should watch for some consolidation above R2 resistance at $63.26 before resuming an uptrend. If the stock breaks down from these levels, traders could see a move toward R1 resistance at $58.95 or trendline support at around $56.00, although that scenario seems less likely given the bullish financial results.

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