Etsy, Inc. (NASDAQ:ETSY) Receives Average Recommendation of “Hold” from Brokerages

Shares of Etsy, Inc. (NASDAQ:ETSY) have earned a consensus recommendation of “Hold” from the twenty-five analysts that are currently covering the firm, MarketBeat 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 issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $64.71.

A number of analysts have recently issued reports on ETSY shares. Barclays lowered their price objective on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Truist Financial cut their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Piper Sandler restated a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a report on Friday, August 23rd. Citigroup decreased their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Loop Capital reduced their price target on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th.

Etsy Trading Up 1.0 %

Shares of NASDAQ ETSY opened at $54.86 on Friday. The company has a fifty day moving average price of $52.03 and a 200 day moving average price of $56.46. The firm has a market cap of $6.17 billion, a PE ratio of 27.99, a PEG ratio of 6.41 and a beta of 1.99. Etsy has a 1-year low of $47.10 and a 1-year high of $89.58.

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 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 analyst estimates of $652.47 million. During the same period in the prior year, the company earned $0.64 earnings per share. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. Equities research analysts forecast that Etsy will post 2.25 EPS for the current year.

Etsy announced that its board has initiated a stock buyback program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the sale, the insider now directly owns 24,371 shares in the company, valued at approximately $1,279,477.50. This trade represents a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were 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. Insiders have sold 5,819 shares of company stock valued at $303,438 over the last three months. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

A number of hedge funds 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 valued at $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of 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 purchasing an additional 721,454 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the last quarter. 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 valued at $82,703,000 after buying an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC raised 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 valued at $69,685,000 after buying an additional 517,480 shares during the last quarter. Institutional investors and hedge funds 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.