Etsy (NASDAQ:ETSY) Upgraded to “Strong-Buy” at Evercore ISI

Evercore ISI upgraded shares of Etsy (NASDAQ:ETSY) to a strong-buy rating in a report published on Thursday, Zacks.com reports.

Several other equities analysts also recently commented on the stock. Guggenheim cut their price target on shares of Etsy from $95.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Oppenheimer downgraded shares of Etsy from an outperform rating to a market perform rating in a report on Thursday. Wolfe Research initiated coverage on shares of Etsy in a report on Tuesday, July 16th. They set a peer perform rating on the stock. B. Riley cut their price target on shares of Etsy from $91.00 to $83.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, Wedbush reiterated a neutral rating and set a $65.00 price target on shares of Etsy in a report on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Etsy has a consensus rating of Hold and an average price target of $78.67.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $59.35 on Thursday. The company has a market cap of $6.94 billion, a P/E ratio of 27.10, a P/E/G ratio of 5.02 and a beta of 2.02. The firm’s fifty day moving average is $61.06 and its two-hundred day moving average is $65.98. Etsy has a 52-week low of $55.08 and a 52-week high of $89.78.

Etsy (NASDAQ:ETSY) last posted its earnings results 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 last year, the firm earned $0.83 earnings per share. The business’s quarterly revenue was up 3.0% on a year-over-year basis. As a group, analysts forecast that Etsy will post 2.43 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.68, for a total transaction of $94,841.92. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at $38,882.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its position in Etsy by 0.5% during the fourth quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock worth $2,740,000 after purchasing an additional 157 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Etsy by 3.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock worth $354,000 after purchasing an additional 161 shares during the last quarter. Truist Financial Corp increased its position in Etsy by 2.7% during the fourth quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock worth $516,000 after purchasing an additional 168 shares during the last quarter. Yousif Capital Management LLC increased its position in Etsy by 1.1% during the first quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock worth $1,126,000 after purchasing an additional 172 shares during the last quarter. Finally, D.A. Davidson & CO. increased its position in Etsy by 0.9% during the fourth quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after purchasing an additional 184 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.