Etsy, Inc. (NASDAQ:ETSY) Sees Significant Increase in Short Interest

Etsy, Inc. (NASDAQ:ETSY) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 16,990,000 shares, a growth of 8.1% from the September 15th total of 15,710,000 shares. Currently, 15.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,030,000 shares, the days-to-cover ratio is presently 4.2 days.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ETSY shares. The Goldman Sachs Group downgraded shares of Etsy from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $70.00 to $45.00 in a research note on Tuesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Wedbush restated a “neutral” rating and issued a $65.00 price target on shares of Etsy in a research report on Monday, July 22nd. UBS Group lowered their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $76.00 target price on shares of Etsy in a research note on Tuesday, September 24th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $69.36.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the 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 owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The stock was 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 in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock valued at $300,670 over the last ninety days. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. MCF Advisors LLC lifted its stake in Etsy by 23,542.9% in the 1st quarter. MCF Advisors LLC now owns 3,310 shares of the specialty retailer’s stock valued at $227,000 after purchasing an additional 3,296 shares during the last quarter. TD Asset Management Inc raised its position in shares of Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares during the period. Diversified Trust Co boosted its holdings in shares of Etsy by 11.5% during the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after acquiring an additional 668 shares during the period. Advisors Asset Management Inc. grew its holdings in Etsy by 12.6% in the 1st quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after buying an additional 16,458 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Etsy by 184.3% in the first quarter. SG Americas Securities LLC now owns 56,107 shares of the specialty retailer’s stock valued at $3,856,000 after acquiring an additional 36,372 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Etsy Trading Down 3.4 %

Shares of Etsy stock traded down $1.78 during trading hours on Thursday, reaching $50.75. 3,718,096 shares of the company’s stock were exchanged, compared to its average volume of 3,753,602. The stock has a market cap of $5.93 billion, a P/E ratio of 23.17, a P/E/G ratio of 4.99 and a beta of 1.97. The company has a 50 day moving average of $53.53 and a two-hundred day moving average of $59.43. Etsy has a fifty-two week low of $48.07 and a fifty-two week high of $89.58.

Etsy (NASDAQ:ETSY) last posted its quarterly 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 net margin of 10.36% and a negative return on equity of 51.94%. The company had revenue of $647.80 million during the quarter, compared to the consensus estimate of $629.87 million. During the same quarter in the prior year, the business earned $0.83 earnings per share. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, analysts expect that Etsy will post 2.38 earnings per share for the current fiscal 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.