Etsy (NASDAQ:ETSY) Reaches New 12-Month Low Following Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY)’s stock price hit a new 52-week low during mid-day trading on Thursday after Wedbush lowered their price target on the stock from $70.00 to $65.00. Wedbush currently has a neutral rating on the stock. Etsy traded as low as $56.60 and last traded at $58.00, with a volume of 4434449 shares trading hands. The stock had previously closed at $69.74.

Several other equities analysts have also commented on the company. Evercore ISI decreased their price target on Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company cut their price target on Etsy from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Thursday. UBS Group cut their price target on Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Morgan Stanley reiterated an “underweight” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Etsy in a report on Thursday, April 18th. Finally, BTIG Research dropped their price target on Etsy from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Etsy has an average rating of “Hold” and a consensus target price of $81.67.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares of the company’s stock, valued at $943,571.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares of the company’s stock, valued at $943,571.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock valued at $4,836,827 in the last three months. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Etsy by 23.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock worth $19,977,000 after acquiring an additional 57,785 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Etsy by 4.3% during the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock worth $77,118,000 after acquiring an additional 48,934 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Etsy during the fourth quarter worth $2,273,000. International Assets Investment Management LLC purchased a new stake in shares of Etsy during the fourth quarter worth $38,490,000. Finally, CVA Family Office LLC purchased a new stake in shares of Etsy during the fourth quarter worth $27,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

The company has a fifty day moving average of $68.28 and a 200-day moving average of $71.65. The firm has a market capitalization of $6.77 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 4.81 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The company had revenue of $842.32 million for the quarter, compared to analyst estimates of $827.40 million. Equities analysts anticipate that Etsy, Inc. will post 2.56 EPS for the current year.

Etsy Company Profile

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.