Etsy Inc. (ETSY) Lifted to Buy at Monness Crespi & Hardt
Etsy Inc. (NASDAQ:ETSY) was upgraded by equities researchers at Monness Crespi & Hardt from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $17.00 target price on the stock. Monness Crespi & Hardt’s target price suggests a potential upside of 25.83% from the stock’s current price.
A number of other research firms also recently weighed in on ETSY. TheStreet raised Etsy from a “sell” rating to a “hold” rating in a report on Wednesday, August 3rd. RBC Capital Markets reissued a “neutral” rating and set a $13.00 target price (up previously from $11.00) on shares of Etsy in a report on Friday, August 5th. Zacks Investment Research downgraded Etsy from a “buy” rating to a “hold” rating in a report on Monday, August 22nd. Loop Capital started coverage on Etsy in a report on Tuesday, September 13th. They set a “hold” rating and a $14.00 target price for the company. Finally, Morgan Stanley restated an “equal weight” rating and issued a $13.50 price target (up previously from $11.50) on shares of Etsy in a research report on Monday, September 12th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $13.94.
Etsy (NASDAQ:ETSY) opened at 13.51 on Wednesday. The firm’s market cap is $1.50 billion. The company’s 50-day moving average is $13.83 and its 200 day moving average is $10.33. Etsy has a 12 month low of $6.04 and a 12 month high of $15.34.
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Etsy (NASDAQ:ETSY) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.05. Etsy had a negative return on equity of 3.08% and a negative net margin of 5.37%. The firm had revenue of $85.35 million for the quarter, compared to analyst estimates of $80.55 million. During the same period in the prior year, the business posted ($0.07) EPS. The firm’s quarterly revenue was up 38.9% compared to the same quarter last year. Equities research analysts expect that Etsy will post ($0.06) EPS for the current fiscal year.
In other news, insider John Allspaw sold 63,468 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $12.50, for a total transaction of $793,350.00. Following the sale, the insider now directly owns 66,864 shares in the company, valued at $835,800. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick R. Wilson sold 216,399 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $13.61, for a total value of $2,945,190.39. Following the sale, the director now owns 822,062 shares in the company, valued at $11,188,263.82. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of ETSY. Price T Rowe Associates Inc. MD raised its position in Etsy by 65.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,856,657 shares of the company’s stock worth $56,636,000 after buying an additional 2,714,780 shares in the last quarter. Vanguard Group Inc. raised its position in Etsy by 28.7% in the second quarter. Vanguard Group Inc. now owns 5,425,487 shares of the company’s stock worth $52,031,000 after buying an additional 1,210,862 shares in the last quarter. BlackRock Fund Advisors raised its position in Etsy by 401.1% in the second quarter. BlackRock Fund Advisors now owns 2,462,098 shares of the company’s stock worth $23,612,000 after buying an additional 1,970,739 shares in the last quarter. State Street Corp raised its position in Etsy by 416.3% in the second quarter. State Street Corp now owns 1,496,378 shares of the company’s stock worth $14,350,000 after buying an additional 1,206,570 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in Etsy by 67.8% in the second quarter. Point72 Asset Management L.P. now owns 1,494,500 shares of the company’s stock worth $14,332,000 after buying an additional 603,700 shares in the last quarter. 58.14% of the stock is currently owned by institutional investors.
Etsy, Inc (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees.
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