JPMorgan Chase & Co. Initiates Coverage on Etsy (NASDAQ:ETSY)

JPMorgan Chase & Co. began coverage on shares of Etsy (NASDAQ:ETSY) in a research report issued on Wednesday, Marketbeat.com reports. The firm set a “neutral” rating and a $50.00 price target on the specialty retailer’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 11.28% from the company’s previous close.

A number of other brokerages have also weighed in on ETSY. Morgan Stanley reduced their price target on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday, February 20th. Stifel Nicolaus dropped their target price on shares of Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a report on Thursday, February 20th. Truist Financial dropped their target price on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Citigroup dropped their target price on shares of Etsy from $56.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, February 20th. Finally, Loop Capital dropped their target price on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Etsy has a consensus rating of “Hold” and an average price target of $58.42.

Etsy Trading Up 0.5 %

Shares of NASDAQ:ETSY opened at $44.93 on Wednesday. The company has a 50 day moving average of $51.72 and a 200-day moving average of $52.96. The firm has a market cap of $4.81 billion, a P/E ratio of 18.96, a P/E/G ratio of 2.57 and a beta of 2.23. Etsy has a twelve month low of $43.43 and a twelve month high of $71.72.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.62 EPS. Equities research analysts forecast that Etsy will post 2.57 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the completion of the sale, the chief executive officer now directly owns 5,004 shares of the company’s stock, valued at approximately $260,458.20. This represents a 81.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $50.48, for a total transaction of $75,720.00. Following the sale, the insider now directly owns 20,698 shares of the company’s stock, valued at approximately $1,044,835.04. This represents a 6.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,666 shares of company stock valued at $1,286,445 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several large investors have recently modified their holdings of the company. 111 Capital bought a new stake in shares of Etsy during the 4th quarter worth $310,000. Wealth Enhancement Advisory Services LLC raised its stake in Etsy by 125.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the specialty retailer’s stock valued at $923,000 after purchasing an additional 9,718 shares during the last quarter. Brooklyn FI LLC acquired a new position in Etsy during the 4th quarter valued at $5,229,000. Neo Ivy Capital Management acquired a new position in Etsy during the 4th quarter valued at $3,334,000. Finally, GTS Securities LLC raised its stake in Etsy by 142.3% during the 4th quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock valued at $776,000 after purchasing an additional 49,333 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

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.