Evercore ISI Upgrades Etsy (NASDAQ:ETSY) to “Strong-Buy”

Evercore ISI upgraded shares of Etsy (NASDAQ:ETSY) to a strong-buy rating in a report released on Thursday, Zacks.com reports.

Several other research firms have also recently commented on ETSY. BTIG Research decreased their target price on Etsy from $87.00 to $78.00 and set a buy rating for the company in a research note on Thursday, May 2nd. JMP Securities cut Etsy from an outperform rating to a market perform rating in a research note on Thursday, May 2nd. Morgan Stanley reduced their price objective on Etsy from $55.00 to $52.00 and set an underweight rating for the company in a research note on Thursday, May 2nd. Oppenheimer cut Etsy from an outperform rating to a market perform rating in a research note on Thursday. Finally, Truist Financial reduced their price objective on Etsy from $77.00 to $76.00 and set a buy rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $73.91.

Etsy Price Performance

Shares of ETSY opened at $59.35 on Thursday. The business has a 50-day moving average of $61.06 and a 200-day moving average of $65.95. Etsy has a 1 year low of $55.08 and a 1 year high of $89.78. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 5.02 and a beta of 2.02.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The business had revenue of $647.80 million for the quarter, compared to analyst estimates of $629.87 million. During the same period in the prior year, the business earned $0.83 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Etsy will post 2.43 EPS for the current year.

Insider Buying and Selling at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $65.68, for a total value of $94,841.92. Following the sale, the insider now directly owns 592 shares in the company, valued at $38,882.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. grew its position in shares of Etsy by 3,900.0% in the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Etsy by 402.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after buying an additional 358 shares in the last quarter. Larson Financial Group LLC grew its position in Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after buying an additional 536 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Etsy during the second quarter worth about $42,000. Finally, Principal Securities Inc. purchased a new position in Etsy during the fourth quarter worth about $47,000. 99.53% of the stock is currently owned by institutional investors.

About Etsy

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.