Etsy, Inc. (NASDAQ:ETSY) Receives $63.17 Average PT from Analysts

Etsy, Inc. (NASDAQ:ETSY) has been assigned a consensus recommendation of “Hold” from the twenty-five brokerages that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $63.17.

ETSY has been the topic of several research reports. Truist Financial dropped their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Wedbush cut their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Bank of America decreased their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Cantor Fitzgerald restated a “neutral” rating and set a $50.00 price objective on shares of Etsy in a report on Monday, October 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Etsy in a report on Thursday, October 31st.

Insider Buying and Selling

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the sale, the insider now directly owns 24,371 shares of the company’s stock, valued at $1,279,477.50. This represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,319 shares of company stock worth $222,025. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its holdings in shares of Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after buying an additional 3,861,668 shares during the period. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after acquiring an additional 721,454 shares during the period. Renaissance Technologies LLC boosted 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 acquiring an additional 734,200 shares during the period. Marshall Wace LLP increased its stake in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after purchasing an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after purchasing an additional 517,480 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Stock Down 1.7 %

Shares of ETSY stock opened at $52.89 on Wednesday. The stock has a 50-day simple moving average of $54.10 and a 200 day simple moving average of $55.32. The stock has a market capitalization of $5.95 billion, a P/E ratio of 26.98, a P/E/G ratio of 6.96 and a beta of 1.99. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $82.84.

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

Etsy announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is 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.