Morgan Stanley Reiterates Underweight Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “underweight” rating restated by equities research analysts at Morgan Stanley in a note issued to investors on Thursday, MarketBeat.com reports. They currently have a $55.00 price objective on the specialty retailer’s stock, down from their previous price objective of $65.00. Morgan Stanley’s price objective points to a potential downside of 17.62% from the stock’s current price.

Several other research firms also recently weighed in on ETSY. Deutsche Bank Aktiengesellschaft dropped their price target on Etsy from $80.00 to $65.00 and set a “hold” rating for the company in a research report on Wednesday, April 10th. Piper Sandler boosted their target price on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. UBS Group decreased their price target on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Barclays boosted their price objective on shares of Etsy from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Finally, Evercore ISI decreased their target price on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $84.88.

Etsy Stock Down 0.9 %

NASDAQ:ETSY opened at $66.76 on Thursday. The company has a market capitalization of $7.91 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 4.71 and a beta of 2.01. Etsy has a 52-week low of $58.20 and a 52-week high of $104.93. The stock has a fifty day simple moving average of $69.67 and a 200-day simple moving average of $71.35.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The company had revenue of $842.32 million for the quarter, compared to the consensus estimate of $827.40 million. As a group, equities analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at $1,677,650. The disclosure for this sale can be found here. Insiders have sold 66,968 shares of company stock worth $4,836,827 in the last quarter. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently modified their holdings of ETSY. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Etsy by 23.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock worth $19,977,000 after acquiring an additional 57,785 shares in the last quarter. Northern Trust Corp increased its stake in Etsy by 4.3% during the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock valued at $77,118,000 after purchasing an additional 48,934 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Etsy in the 4th quarter worth about $2,273,000. DAVENPORT & Co LLC lifted its position in shares of Etsy by 201.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 579,791 shares of the specialty retailer’s stock worth $37,291,000 after buying an additional 387,467 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Etsy in the 4th quarter valued at about $38,490,000. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.