Zacks Investment Research Downgrades Etsy Inc. (ETSY) to Hold
Etsy Inc. (NASDAQ:ETSY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “
A number of other equities analysts also recently commented on the stock. Citigroup Inc. started coverage on shares of Etsy in a report on Monday, August 1st. They issued a “buy” rating and a $14.00 price objective for the company. Goldman Sachs Group Inc. lifted their price objective on shares of Etsy from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Monness Crespi & Hardt raised shares of Etsy from a “neutral” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Wednesday, September 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $13.50 price objective (up previously from $11.50) on shares of Etsy in a report on Monday, September 12th. Finally, RBC Capital Markets reaffirmed a “neutral” rating and issued a $13.00 price objective (up previously from $11.00) on shares of Etsy in a report on Friday, August 5th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $14.16.
Shares of Etsy (NASDAQ:ETSY) traded up 4.42% during midday trading on Tuesday, reaching $15.37. 2,713,018 shares of the company were exchanged. Etsy has a 52-week low of $6.04 and a 52-week high of $15.83. The firm’s 50 day moving average is $14.05 and its 200-day moving average is $10.70. The company’s market capitalization is $1.71 billion.
Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.05. The business earned $85.35 million during the quarter, compared to analyst estimates of $80.55 million. Etsy had a negative return on equity of 3.08% and a negative net margin of 5.37%. The business’s revenue for the quarter was up 38.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.07) EPS. On average, equities analysts forecast that Etsy will post ($0.06) earnings per share for the current fiscal year.
In related news, insider John Allspaw sold 36,532 shares of Etsy stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $15.00, for a total transaction of $547,980.00. Following the sale, the insider now directly owns 39,928 shares in the company, valued at $598,920. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frederick R. Wilson sold 216,399 shares of Etsy stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $13.61, for a total transaction of $2,945,190.39. Following the sale, the director now owns 822,062 shares in the company, valued at $11,188,263.82. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Etsy by 28.7% in the second quarter. Vanguard Group Inc. now owns 5,425,487 shares of the company’s stock worth $52,031,000 after buying an additional 1,210,862 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Etsy by 401.1% in the second quarter. BlackRock Fund Advisors now owns 2,462,098 shares of the company’s stock worth $23,612,000 after buying an additional 1,970,739 shares in the last quarter. State Street Corp boosted its stake in shares of Etsy by 416.3% in the second quarter. State Street Corp now owns 1,496,378 shares of the company’s stock worth $14,350,000 after buying an additional 1,206,570 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Etsy by 67.8% in the second quarter. Point72 Asset Management L.P. now owns 1,494,500 shares of the company’s stock worth $14,332,000 after buying an additional 603,700 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in shares of Etsy by 396.8% in the second quarter. Lord Abbett & CO. LLC now owns 1,327,915 shares of the company’s stock worth $12,735,000 after buying an additional 1,060,646 shares in the last quarter. Institutional investors and hedge funds own 58.14% of the company’s stock.
Etsy, Inc (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees.
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