Etsy Inc. (ETSY) Rating Increased to Buy at Monness Crespi & Hardt
Etsy Inc. (NASDAQ:ETSY) was upgraded by research analysts 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 currently has a $17.00 target price on the stock. Monness Crespi & Hardt’s price target would indicate a potential upside of 25.83% from the company’s current price.
Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Etsy from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Friday, August 5th. Maxim Group initiated coverage on shares of Etsy in a research note on Thursday, May 26th. They set a “buy” rating and a $12.00 price target on the stock. Vetr downgraded shares of Etsy from a “strong-buy” rating to a “buy” rating and set a $12.44 price target on the stock. in a research note on Monday, August 1st. Citigroup Inc. initiated coverage on shares of Etsy in a research note on Monday, August 1st. They set a “buy” rating and a $14.00 price target on the stock. Finally, Morgan Stanley dropped their price target on shares of Etsy from $11.50 to $9.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 3rd. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $13.94.
Shares of Etsy (NASDAQ:ETSY) opened at 13.51 on Wednesday. The stock’s 50 day moving average is $13.83 and its 200 day moving average is $10.33. Etsy has a 52 week low of $6.04 and a 52 week high of $15.34. The firm’s market cap is $1.50 billion.
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Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $80.55 million. During the same period last year, the firm earned ($0.07) EPS. The business’s quarterly revenue was up 38.9% on a year-over-year basis. On average, equities research analysts predict that Etsy will post ($0.06) earnings per share for the current fiscal year.
In other Etsy news, Director Frederick R. Wilson sold 216,399 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $13.61, for a total transaction of $2,945,190.39. Following the completion of the transaction, the director now directly owns 822,062 shares of the company’s stock, valued at approximately $11,188,263.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Allspaw sold 63,468 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $12.50, for a total transaction of $793,350.00. Following the transaction, the insider now directly owns 66,864 shares of the company’s stock, valued at $835,800. The disclosure for this sale can be found here. Company insiders own 11.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in Etsy by 42.6% in the first quarter. JPMorgan Chase & Co. now owns 543,251 shares of the company’s stock worth $4,726,000 after buying an additional 162,213 shares during the last quarter. BlackRock Group LTD purchased a new position in Etsy during the first quarter worth about $146,000. SG Americas Securities LLC purchased a new position in Etsy during the second quarter worth about $1,024,000. Strs Ohio purchased a new position in Etsy during the second quarter worth about $535,000. Finally, Pacad Investment Ltd. purchased a new position in Etsy during the first quarter worth about $131,000. 58.14% of the stock is owned by hedge funds and other 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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