Etsy (NASDAQ:ETSY) Reaches New 1-Year Low After Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY)’s stock price hit a new 52-week low on Tuesday after UBS Group lowered their price target on the stock from $65.00 to $58.00. UBS Group currently has a neutral rating on the stock. Etsy traded as low as $47.69 and last traded at $47.69, with a volume of 80508 shares traded. The stock had previously closed at $49.61.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Loop Capital dropped their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Wolfe Research began coverage on Etsy in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Truist Financial restated a “buy” rating and set a $76.00 price objective on shares of Etsy in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company reduced their target price on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.36.

Insider Transactions at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,619 shares of company stock worth $300,670. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently modified their holdings of the company. Sunbelt Securities Inc. lifted its stake in Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares in the last quarter. UMB Bank n.a. raised its position in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares in the last quarter. Larson Financial Group LLC boosted its stake in Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 536 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Etsy during the second quarter worth about $42,000. Finally, Headlands Technologies LLC bought a new position in Etsy in the 1st quarter worth about $59,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Trading Up 2.4 %

The stock has a market cap of $6.14 billion, a PE ratio of 23.99, a PEG ratio of 4.99 and a beta of 1.97. The firm has a fifty day simple moving average of $53.60 and a two-hundred day simple moving average of $59.49.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The business had revenue of $647.80 million during the quarter, compared to the consensus estimate of $629.87 million. During the same quarter in the previous year, the firm posted $0.83 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. Equities analysts forecast that Etsy, Inc. will post 2.38 earnings per share for the current year.

About Etsy

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.