Citigroup Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price cut by equities research analysts at Citigroup from $56.00 to $53.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target suggests a potential upside of 4.09% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Bank of America cut their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus cut their price target on shares of Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a research note on Thursday. Loop Capital cut their price target on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research note on Thursday. Moffett Nathanson lifted their price target on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, JMP Securities restated a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $60.08.

Etsy Price Performance

Shares of ETSY traded down $0.61 during midday trading on Thursday, reaching $50.92. The stock had a trading volume of 3,161,588 shares, compared to its average volume of 3,253,390. Etsy has a 1-year low of $47.10 and a 1-year high of $78.65. The company’s fifty day simple moving average is $54.73 and its two-hundred day simple moving average is $53.83. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period last year, the business earned $0.62 EPS. Etsy’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, sell-side analysts forecast that Etsy will post 2.25 earnings per share for the current year.

Etsy announced that its board has approved a share repurchase program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

A number of institutional investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in Etsy during the fourth quarter worth about $3,334,000. GTS Securities LLC raised its position in Etsy by 142.3% during the fourth quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock worth $776,000 after acquiring an additional 49,333 shares during the last quarter. PharVision Advisers LLC acquired a new position in Etsy during the fourth quarter worth about $283,000. Voloridge Investment Management LLC raised its position in Etsy by 40.6% during the fourth quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock worth $25,200,000 after acquiring an additional 137,602 shares during the last quarter. Finally, iSAM Funds UK Ltd acquired a new position in Etsy during the fourth quarter worth about $288,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.