Etsy Inc. (ETSY) Lowered to Strong Sell at Zacks Investment Research
Etsy Inc. (NASDAQ:ETSY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday.
According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “
A number of other analysts have also commented on the company. Citigroup Inc. initiated coverage on Etsy in a research report on Monday, August 1st. They issued a “buy” rating and a $14.00 price objective for the company. Goldman Sachs Group Inc. lifted their price objective on Etsy from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Monness Crespi & Hardt upgraded Etsy from a “neutral” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Wednesday, September 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $13.50 price objective (up from $11.50) on shares of Etsy in a research report on Monday, September 12th. Finally, Wedbush reiterated a “neutral” rating and issued a $15.00 price objective (up from $13.00) on shares of Etsy in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $14.73.
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Shares of Etsy (NASDAQ:ETSY) traded down 0.76% during midday trading on Monday, reaching $14.37. 897,563 shares of the company’s stock were exchanged. Etsy has a 1-year low of $6.04 and a 1-year high of $16.05. The company’s market capitalization is $1.60 billion. The firm has a 50-day moving average of $14.35 and a 200-day moving average of $11.06.
Etsy (NASDAQ:ETSY) last announced 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 net margin of 5.37% and a negative return on equity of 3.08%. The business earned $85.35 million during the quarter, compared to analyst estimates of $80.55 million. During the same quarter last year, the business posted ($0.07) earnings per share. The business’s quarterly revenue was up 38.9% compared to the same quarter last year. Equities analysts expect that Etsy will post ($0.06) earnings per share for the current fiscal year.
In other Etsy news, CEO Chad Dickerson sold 105,289 shares of the business’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $16.00, for a total value of $1,684,624.00. Following the sale, the chief executive officer now owns 857,645 shares in the company, valued at approximately $13,722,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Allspaw sold 63,468 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $12.50, for a total value of $793,350.00. Following the completion of the sale, the insider now owns 66,864 shares in the company, valued at approximately $835,800. The disclosure for this sale can be found here. 11.10% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Janus Capital Management boosted its stake in Etsy by 40.2% in the third quarter. Janus Capital Management now owns 429,496 shares of the company’s stock valued at $5,880,000 after buying an additional 123,161 shares during the last quarter. Hillman Company boosted its stake in Etsy by 15.9% in the fourth quarter. Hillman Company now owns 885,301 shares of the company’s stock valued at $7,312,586 after buying an additional 121,551 shares during the last quarter. Hamilton Lane Advisors LLC purchased a new stake in Etsy during the fourth quarter valued at approximately $4,651,000. AlpInvest Partners B.V. purchased a new stake in Etsy during the fourth quarter valued at approximately $2,756,000. Finally, Kerrisdale Advisers LLC purchased a new stake in Etsy during the fourth quarter valued at approximately $4,285,000. Hedge funds and other institutional investors own 58.14% of the company’s stock.
Etsy Company Profile
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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