Etsy Inc (ETSY) Sees Large Decline in Short Interest

Etsy Inc (NASDAQ:ETSY) saw a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 2,731,360 shares, a drop of 36.2% from the January 12th total of 4,280,122 shares. Based on an average daily volume of 1,360,447 shares, the short-interest ratio is presently 2.0 days. Currently, 2.7% of the company’s shares are sold short.

Several equities research analysts have issued reports on the stock. KeyCorp assumed coverage on shares of Etsy in a research note on Wednesday, December 20th. They set an “overweight” rating on the stock. Ifs Securities reaffirmed an “outperform” rating and set a $22.00 price target (up from $18.00) on shares of Etsy in a research note on Tuesday, November 7th. Royal Bank of Canada raised their price target on shares of Etsy from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 7th. Zacks Investment Research cut shares of Etsy from a “hold” rating to a “sell” rating in a research note on Monday, January 22nd. Finally, BidaskClub raised shares of Etsy from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.19.

Etsy (NASDAQ ETSY) opened at $18.63 on Monday. The firm has a market cap of $2,267.53, a PE ratio of 155.25, a PEG ratio of 3.64 and a beta of 0.92. Etsy has a 1-year low of $9.41 and a 1-year high of $21.86. The company has a current ratio of 4.26, a quick ratio of 4.26 and a debt-to-equity ratio of 0.19.

Etsy declared that its board has approved a stock buyback plan on Friday, November 17th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently bought and sold shares of ETSY. Principal Financial Group Inc. raised its holdings in Etsy by 9.0% in the second quarter. Principal Financial Group Inc. now owns 16,099 shares of the specialty retailer’s stock valued at $241,000 after buying an additional 1,330 shares during the period. Teachers Advisors LLC raised its holdings in Etsy by 3.4% in the second quarter. Teachers Advisors LLC now owns 255,117 shares of the specialty retailer’s stock valued at $3,827,000 after buying an additional 8,406 shares during the period. Nationwide Fund Advisors raised its holdings in Etsy by 7.6% in the second quarter. Nationwide Fund Advisors now owns 65,642 shares of the specialty retailer’s stock valued at $985,000 after buying an additional 4,635 shares during the period. BlackRock Inc. raised its holdings in Etsy by 5.5% in the second quarter. BlackRock Inc. now owns 6,701,573 shares of the specialty retailer’s stock valued at $100,523,000 after buying an additional 351,751 shares during the period. Finally, Amalgamated Bank raised its holdings in Etsy by 14.9% in the second quarter. Amalgamated Bank now owns 14,788 shares of the specialty retailer’s stock valued at $222,000 after buying an additional 1,920 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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Etsy Company Profile

Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.

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