Stock Traders Purchase High Volume of Call Options on Etsy (NASDAQ:ETSY)

Etsy, Inc. (NASDAQ:ETSY) was the recipient of some unusual options trading activity on Monday. Investors bought 23,241 call options on the stock. This is an increase of 59% compared to the average daily volume of 14,621 call options.

Etsy Stock Performance

Shares of ETSY opened at $55.02 on Wednesday. The stock has a market cap of $6.43 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 5.10 and a beta of 1.97. Etsy has a fifty-two week low of $50.63 and a fifty-two week high of $89.58. The firm’s 50-day simple moving average is $56.33 and its two-hundred day simple moving average is $61.21.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The business had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. Etsy’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 EPS. Equities research analysts predict that Etsy will post 2.38 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wedbush reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Etsy in a report on Monday, July 22nd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research report on Monday. Wells Fargo & Company decreased their target price on shares of Etsy from $58.00 to $56.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 25th. Piper Sandler reiterated a “neutral” rating and issued a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Finally, Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $70.61.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total value of $44,805.00. Following the completion of the transaction, the insider now directly owns 18,833 shares of the company’s stock, valued at approximately $1,125,083.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 2,000 shares of company stock valued at $116,395 in the last three months. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Etsy in the fourth quarter worth approximately $86,494,000. Marshall Wace LLP boosted its holdings in Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after purchasing an additional 1,055,296 shares during the last quarter. TD Asset Management Inc boosted its holdings in Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock worth $106,920,000 after purchasing an additional 952,907 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Etsy by 21.1% in 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. Finally, Van ECK Associates Corp raised its position in Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after acquiring an additional 721,454 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.