Zacks Investment Research Lowers Etsy, Inc. (ETSY) to Hold
Zacks Investment Research lowered shares of Etsy, Inc. (NASDAQ:ETSY) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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. “
Several other equities research analysts have also recently issued reports on the stock. BidaskClub raised shares of Etsy from a buy rating to a strong-buy rating in a research note on Tuesday, June 27th. Morgan Stanley reissued an equal weight rating and set a $13.50 price target (up previously from $9.50) on shares of Etsy in a research report on Thursday, July 20th. Loop Capital cut shares of Etsy from a buy rating to a hold rating in a research report on Wednesday, May 17th. DA Davidson initiated coverage on shares of Etsy in a research report on Wednesday, September 6th. They set a buy rating and a $18.00 price target on the stock. Finally, TheStreet raised shares of Etsy from a d rating to a c- rating in a research report on Wednesday, May 24th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $15.07.
Shares of Etsy (NASDAQ ETSY) traded down 3.32% during midday trading on Wednesday, hitting $17.17. 4,674,658 shares of the stock traded hands. The company’s 50 day moving average price is $15.92 and its 200-day moving average price is $13.22. Etsy has a 12-month low of $9.41 and a 12-month high of $17.90. The stock’s market cap is $1.91 billion.
Etsy (NASDAQ:ETSY) last announced its earnings results on Thursday, August 3rd. The specialty retailer reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.06. Etsy had a negative net margin of 3.16% and a positive return on equity of 3.83%. The company had revenue of $101.70 million for the quarter, compared to analysts’ expectations of $101.14 million. During the same quarter in the previous year, the company posted ($0.06) EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. On average, equities research analysts expect that Etsy will post $0.27 EPS for the current year.
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In related news, CEO Josh Silverman acquired 64,000 shares of Etsy stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average cost of $15.67 per share, for a total transaction of $1,002,880.00. Following the acquisition, the chief executive officer now owns 64,000 shares in the company, valued at $1,002,880. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC purchased a new stake in Etsy during the second quarter worth about $95,291,000. TPG Group Holdings SBS Advisors Inc. increased its stake in Etsy by 2,287.5% during the second quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock worth $75,058,000 after purchasing an additional 4,794,297 shares during the period. Dragoneer Investment Group LLC purchased a new stake in Etsy during the first quarter worth about $24,331,000. Janus Capital Management LLC increased its stake in Etsy by 38.4% during the first quarter. Janus Capital Management LLC now owns 6,222,005 shares of the specialty retailer’s stock worth $66,140,000 after purchasing an additional 1,726,152 shares during the period. Finally, Southpoint Capital Advisors LP purchased a new stake in Etsy during the second quarter worth about $16,650,000. Hedge funds and other institutional investors own 73.04% of the company’s stock.
Etsy Company Profile
Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.
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