Etsy (NASDAQ:ETSY) Sets New 12-Month Low After Analyst Downgrade

Shares of Etsy, Inc. (NASDAQ:ETSY) reached a new 52-week low during mid-day trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $64.00 to $56.00. Stifel Nicolaus currently has a hold rating on the stock. Etsy traded as low as $48.01 and last traded at $48.15, with a volume of 25474 shares. The stock had previously closed at $48.77.

ETSY has been the topic of several other reports. Truist Financial reissued a “buy” rating and issued a $76.00 target price on shares of Etsy in a research report on Tuesday, September 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. UBS Group lowered their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Wolfe Research initiated coverage on shares of Etsy in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Piper Sandler reiterated a “neutral” rating and set a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $66.48.

Insider Activity at Etsy

In other news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the sale, the insider now owns 18,833 shares in the company, valued at $1,125,083.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,619 shares of company stock valued at $300,670 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. grew its position in shares of Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares during the last quarter. Blue Trust Inc. grew its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 292 shares during the period. Larson Financial Group LLC raised its holdings in shares of Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 536 shares during the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new position in shares of Etsy during the second quarter worth approximately $42,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Stock Performance

The firm has a market capitalization of $5.65 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 4.85 and a beta of 1.97. The business has a fifty day moving average of $52.97 and a 200-day moving average of $58.51.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The company had revenue of $647.80 million during the quarter, compared to the consensus estimate of $629.87 million. During the same quarter in the prior year, the company earned $0.83 EPS. The business’s quarterly revenue was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that Etsy, Inc. will post 2.38 earnings per share for the current fiscal year.

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.