Etsy (NASDAQ:ETSY) Trading 4.4% Higher on Analyst Upgrade

Etsy, Inc. (NASDAQ:ETSYGet Free Report) shares traded up 4.4% on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. 2,701,135 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 4,183,405 shares. The stock had previously closed at $53.89.

A number of other equities research analysts have also recently weighed in on the company. Citigroup dropped their price target on Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. increased their price target on Etsy from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, June 4th. Loop Capital dropped their price target on Etsy from $40.00 to $37.00 and set a “sell” rating on the stock in a research note on Thursday, May 1st. Arete lowered Etsy from a “neutral” rating to a “sell” rating and set a $43.00 price objective on the stock. in a report on Wednesday, June 11th. Finally, Stifel Nicolaus decreased their price objective on Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Six equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $49.87.

Read Our Latest Analysis on Etsy

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total value of $81,118.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 151,666 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the completion of the transaction, the chief executive officer now owns 107,809 shares of the company’s stock, valued at $6,218,423.12. This represents a 58.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,418 shares of company stock valued at $11,234,192 over the last ninety days. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently bought and sold shares of the company. Lindbrook Capital LLC raised its position in Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Etsy by 8.7% during the fourth quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after acquiring an additional 218 shares during the last quarter. Allworth Financial LP raised its position in shares of Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after acquiring an additional 248 shares during the last quarter. Heron Bay Capital Management raised its position in shares of Etsy by 1.3% during the fourth quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after acquiring an additional 258 shares during the last quarter. Finally, Denver PWM LLC raised its position in shares of Etsy by 36.1% during the fourth quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after acquiring an additional 289 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Price Performance

The company has a market capitalization of $5.77 billion, a P/E ratio of 39.50, a P/E/G ratio of 3.01 and a beta of 1.80. The stock has a 50-day moving average price of $49.74 and a 200-day moving average price of $51.27.

Etsy (NASDAQ:ETSYGet Free Report) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million during the quarter, compared to the consensus estimate of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Sell-side analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Etsy Company Profile

(Get Free Report)

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.

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