(Bloomberg) -- Investors who valued e-commerce stocks as if the pandemic boom would never end are struggling in some cases to accept that the days of rapid growth are over. 

EBay Inc., Etsy Inc. and Wayfair Inc. deliver results this week at the tail end of an earnings season that’s already shown that customer gains accrued during the pandemic are proving difficult to hold on to. That’s led to a series of stock blowups from former high flyers like Shopify Inc. and Roku Inc. after disappointing reports.

Analysts predict that online marketplace EBay and furniture retailer Wayfair will report declines in quarterly sales, while Etsy is projected to announce the slowest growth in at least six years, according to data compiled by Bloomberg. 

Yet Etsy at 31 times estimated earnings and Wayfair at a multiple of 97 times are still priced for rapid revenue expansion, even after their stocks have plunged. Of the three, only EBay is cheaper than the S&P 500’s price-earnings ratio of 19.

“Not only is growth decelerating, but many investors have over-extrapolated the growth they could see over the next few years,” Chad Morganlander, a senior portfolio manager at Washington Crossing Advisors, said in an interview. “If you don’t have additional businesses or silos of revenue growth outside of retail, that will certainly be an impediment.”

Shopify’s report of slowing growth sent its stock down a record 23% last week. Roku lost almost a third of its value after the streaming-video platform company’s forecast disappointed investors.

Some investors may be looking hopefully to Amazon.com Inc., which surged in the wake of earnings this month. However, those gains were fueled more by strong performance in its cloud computing and advertising units than its core e-commerce business, where growth has stagnated. Other e-commerce companies don’t have that luxury.

Etsy, a marketplace for crafts and vintage items, appears vulnerable if its results on Thursday don’t live up to expectations. While the stock has fallen 57% from a November record, it is nearly three times higher than it was at the end of 2019. The options market is implying a move of about 12% on the day after earnings, according to Bloomberg data.

Etsy’s future growth is likely to be driven by higher spending per customer as user growth slows, according to UBS Group AG analyst Kunal Madhukar, who raised the stock to neutral from sell this month, citing a valuation that Friday hit the lowest since April 2020 relative to projected profits.

EBay, which is down 31% from its October record, reports after the market closes Wednesday. Wayfair’s announcement is due Thursday before trading starts; the stock has fallen 63% from a high in March.

Given the big drops that the stocks have already endured, they could bounce if there’s any sign that the business is slowing less than feared. That may be what analysts are counting on: Their average price targets imply a gain of 86% for Etsy over the next year, 61% for Wayfair and 38% for EBay.

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