Olympiad Research LP Takes $364,000 Position in Etsy, Inc. (NASDAQ:ETSY)

Olympiad Research LP bought a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,551 shares of the specialty retailer’s stock, valued at approximately $364,000.

Other institutional investors have also recently modified their holdings of the company. Marshall Wace LLP boosted 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 buying an additional 1,055,296 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after buying an additional 721,454 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Etsy by 52.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after buying an additional 721,453 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after buying an additional 517,480 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ETSY. Evercore ISI upgraded Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Loop Capital lowered their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Raymond James lowered their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Barclays lowered their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Wedbush lowered their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and a consensus price target of $64.87.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the 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 three months, insiders sold 5,369 shares of company stock valued at $280,200. Insiders own 2.60% of the company’s stock.

Etsy Price Performance

NASDAQ ETSY opened at $53.41 on Friday. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58. The company has a market capitalization of $6.01 billion, a PE ratio of 27.25, a P/E/G ratio of 6.17 and a beta of 1.99. The company has a fifty day moving average of $52.40 and a two-hundred day moving average of $57.75.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) 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 company had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the prior year, the company earned $0.64 EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, research analysts expect that Etsy, Inc. will post 2.25 earnings per share for the current year.

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

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.