Holocene Advisors LP Invests $49.06 Million in Etsy, Inc. (NASDAQ:ETSY)

Holocene Advisors LP acquired a new stake in Etsy, Inc. (NASDAQ:ETSY) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 883,506 shares of the specialty retailer’s stock, valued at approximately $49,061,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Etsy in the third quarter valued at about $2,960,000. Point72 Hong Kong Ltd bought a new stake in shares of Etsy in the 3rd quarter valued at about $1,876,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Etsy in the 3rd quarter valued at approximately $222,000. Public Sector Pension Investment Board boosted its stake in Etsy by 5,666.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 243,421 shares of the specialty retailer’s stock worth $13,517,000 after acquiring an additional 239,200 shares during the last quarter. Finally, CreativeOne Wealth LLC acquired a new position in Etsy during the third quarter valued at approximately $238,000. 99.53% of the stock is owned by institutional investors.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 1,676 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 $85,660.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total transaction of $39,862.50. Following the completion of the transaction, the insider now owns 25,121 shares in the company, valued at $1,335,181.15. This trade represents a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,069 shares of company stock worth $261,888. Insiders own 2.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ETSY has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Etsy in a research report on Thursday, October 31st. Stifel Nicolaus reduced their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Piper Sandler restated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Bank of America cut their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Moffett Nathanson boosted their price objective on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.71.

Etsy Trading Up 1.1 %

Shares of NASDAQ ETSY opened at $55.46 on Tuesday. The company has a market capitalization of $6.24 billion, a P/E ratio of 28.30, a P/E/G ratio of 6.48 and a beta of 1.99. Etsy, Inc. has a 12 month low of $47.10 and a 12 month high of $89.58. The stock has a 50 day moving average of $52.04 and a 200-day moving average of $56.30.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $0.64 earnings per share. Analysts predict that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy declared that its Board of Directors has approved a stock buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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.