Point72 Hong Kong Ltd Makes New $1.88 Million Investment in Etsy, Inc. (NASDAQ:ETSY)

Point72 Hong Kong Ltd purchased a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 33,777 shares of the specialty retailer’s stock, valued at approximately $1,876,000.

Other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its position in Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Marshall Wace LLP increased its holdings in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Etsy during the 3rd quarter worth approximately $55,530,000. Renaissance Technologies LLC lifted its holdings in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after purchasing an additional 721,454 shares during the period. Institutional investors own 99.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ETSY shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Citigroup cut their target price on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Finally, Stifel Nicolaus cut their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $64.71.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,819 shares of company stock valued at $303,438. 2.60% of the stock is currently owned by insiders.

Etsy Stock Up 1.0 %

NASDAQ ETSY opened at $54.86 on Monday. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 6.48 and a beta of 1.99. The company has a fifty day moving average of $52.04 and a two-hundred day moving average of $56.36.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. During the same period in the prior year, the firm posted $0.64 earnings per share. Etsy’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy declared that its Board of Directors has initiated a stock repurchase program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.