B. Riley Trims Etsy (NASDAQ:ETSY) Target Price to $83.00

Etsy (NASDAQ:ETSY) had its target price trimmed by B. Riley from $91.00 to $83.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the specialty retailer’s stock. B. Riley also issued estimates for Etsy’s FY2024 earnings at $2.80 EPS, FY2025 earnings at $3.53 EPS, FY2026 earnings at $4.31 EPS, FY2027 earnings at $5.19 EPS and FY2028 earnings at $6.11 EPS.

ETSY has been the subject of a number of other research reports. BTIG Research dropped their price target on shares of Etsy from $87.00 to $78.00 and set a buy rating for the company in a research note on Thursday. The Goldman Sachs Group dropped their target price on shares of Etsy from $80.00 to $70.00 and set a neutral rating for the company in a research report on Thursday. Oppenheimer reduced their price target on shares of Etsy from $95.00 to $80.00 and set an outperform rating on the stock in a research report on Monday, April 29th. Barclays lowered their price objective on Etsy from $67.00 to $60.00 and set an equal weight rating for the company in a report on Thursday. Finally, Loop Capital lowered Etsy from a hold rating to a sell rating and decreased their target price for the stock from $70.00 to $50.00 in a research report on Thursday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $79.96.

Etsy Stock Performance

Shares of ETSY stock traded up $0.73 during trading hours on Thursday, reaching $59.97. The company had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The stock’s fifty day simple moving average is $67.77 and its 200 day simple moving average is $71.53. The company has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 4.22 and a beta of 2.00. Etsy has a twelve month low of $56.60 and a twelve month high of $102.81.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, equities analysts expect that Etsy will post 2.57 earnings per share for the current year.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Etsy by 27.8% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock worth $2,913,000 after purchasing an additional 9,800 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Etsy by 8.1% during the 3rd quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock worth $1,670,000 after buying an additional 1,946 shares during the period. Raymond James & Associates grew its stake in Etsy by 2.0% in the 3rd quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock valued at $7,140,000 after buying an additional 2,204 shares during the last quarter. Rovin Capital UT ADV raised its holdings in Etsy by 28.6% in the 3rd quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock worth $354,000 after acquiring an additional 1,218 shares during the period. Finally, Concord Wealth Partners lifted its position in Etsy by 9,333.3% during the 3rd quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after acquiring an additional 1,960 shares during the last quarter. 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.