Etsy (NASDAQ:ETSY) Price Target Cut to $47.00

Etsy (NASDAQ:ETSY) had its price target reduced by Wells Fargo & Company from $58.00 to $47.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

A number of other research analysts have also recently weighed in on ETSY. Loop Capital dropped their price objective on shares of Etsy from $50.00 to $45.00 and set a sell rating for the company in a report on Monday, August 12th. Truist Financial restated a buy rating and issued a $76.00 price objective on shares of Etsy in a report on Tuesday, September 24th. Oppenheimer cut shares of Etsy from an outperform rating to a market perform rating in a report on Thursday, August 1st. Wolfe Research assumed coverage on shares of Etsy in a report on Tuesday, July 16th. They issued a peer perform rating for the company. Finally, Evercore ISI upgraded shares of Etsy to a strong-buy rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $70.22.

Etsy Price Performance

Shares of ETSY stock opened at $52.80 on Thursday. The firm’s 50-day moving average is $55.00 and its two-hundred day moving average is $60.38. Etsy has a 12 month low of $50.54 and a 12 month high of $89.58. The company has a market capitalization of $6.17 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS 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 firm had revenue of $647.80 million for the quarter, compared to analysts’ expectations of $629.87 million. During the same period last year, the firm earned $0.83 earnings per share. Etsy’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts forecast that Etsy will post 2.38 EPS for the current year.

Insider Transactions at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Merilee Buckley sold 1,676 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 value of $85,660.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $315,670 in the last ninety days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently modified their holdings of the company. Yousif Capital Management LLC boosted its stake in shares of Etsy by 1.1% during the 1st 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. Exchange Capital Management Inc. boosted its position in shares of Etsy by 1.6% in the first quarter. Exchange Capital Management Inc. now owns 15,364 shares of the specialty retailer’s stock worth $1,056,000 after acquiring an additional 240 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Etsy by 7.0% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after acquiring an additional 240 shares during the last quarter. Meridian Management Co. boosted its position in shares of Etsy by 0.4% in the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after acquiring an additional 241 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after acquiring an additional 253 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.