B. Riley Cuts Etsy (NASDAQ:ETSY) Price Target to $83.00

Etsy (NASDAQ:ETSY) had its price objective reduced by B. Riley from $91.00 to $83.00 in a research note issued to investors on Thursday morning, Benzinga reports. B. Riley currently has a buy rating on the specialty retailer’s stock. B. Riley also issued estimates for Etsy’s FY2024 earnings at $2.80 EPS, FY2025 earnings at $3.53 EPS, FY2026 earnings at $4.31 EPS, FY2027 earnings at $5.19 EPS and FY2028 earnings at $6.11 EPS.

Several other equities analysts have also recently weighed in on ETSY. Needham & Company LLC lowered their price target on Etsy from $95.00 to $75.00 and set a buy rating on the stock in a report on Thursday. UBS Group lowered their target price on Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a report on Thursday, February 22nd. BTIG Research cut their price target on Etsy from $87.00 to $78.00 and set a buy rating for the company in a research note on Thursday. Piper Sandler increased their price objective on shares of Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research note on Thursday, February 22nd. Finally, Loop Capital downgraded shares of Etsy from a hold rating to a sell rating and dropped their price objective for the stock from $70.00 to $50.00 in a report on Thursday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Etsy presently has an average rating of Hold and a consensus price target of $79.96.

Etsy Price Performance

Etsy stock opened at $59.97 on Thursday. Etsy has a one year low of $56.60 and a one year high of $102.81. The business’s fifty day moving average is $67.77 and its 200 day moving average is $71.55. The stock has a market capitalization of $7.02 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 4.22 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 earnings per share. As a group, sell-side analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the 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 directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Josh Silverman sold 63,047 shares of the firm’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 transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,968 shares of company stock valued at $4,836,827. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently made changes to their positions in the company. Capital International Investors boosted its stake in Etsy by 0.6% during the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock valued at $662,605,000 after buying an additional 45,305 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Etsy by 9.2% during the 1st quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock valued at $346,528,000 after acquiring an additional 425,620 shares during the last quarter. Bares Capital Management Inc. grew its holdings in shares of Etsy by 0.9% in the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock valued at $330,711,000 after purchasing an additional 36,623 shares in the last quarter. Artisan Partners Limited Partnership increased its position in Etsy by 2.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock worth $126,068,000 after purchasing an additional 30,561 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Etsy by 260.2% during the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after purchasing an additional 952,907 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

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.