Lecap Asset Management Ltd. Takes $1.62 Million Position in Etsy, Inc. $ETSY

Lecap Asset Management Ltd. bought a new position in Etsy, Inc. (NASDAQ:ETSY) during the 3rd quarter, Holdings Channel.com reports. The fund bought 24,403 shares of the specialty retailer’s stock, valued at approximately $1,620,000.

Several other institutional investors also recently bought and sold shares of the stock. Heritage Wealth Advisors lifted its stake in Etsy by 476.5% in the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after purchasing an additional 405 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 192 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Etsy in the second quarter worth about $35,000. Employees Retirement System of Texas bought a new position in Etsy during the second quarter valued at approximately $47,000. Finally, SJS Investment Consulting Inc. boosted its stake in Etsy by 12,600.0% during the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 756 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Trading Up 0.6%

ETSY stock opened at $61.77 on Thursday. The stock has a market cap of $6.10 billion, a PE ratio of 49.82, a P/E/G ratio of 10.65 and a beta of 1.74. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $76.51. The company has a 50-day moving average price of $56.11 and a 200 day moving average price of $59.78.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $678.03 million for the quarter, compared to analyst estimates of $655.83 million. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts forecast that Etsy, Inc. will post 2.57 EPS for the current year.

Etsy declared that its Board of Directors has approved a share buyback program on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase up to 14.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Etsy news, insider Richard Edward Colburn III sold 3,200 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $57.80, for a total value of $184,960.00. Following the transaction, the insider owned 4,387 shares of the company’s stock, valued at $253,568.60. This represents a 42.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Josh Silverman sold 86,666 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the sale, the insider owned 90,661 shares in the company, valued at approximately $5,209,381.06. The trade was a 48.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 154,056 shares of company stock worth $8,931,918 in the last 90 days. 2.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on ETSY. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Etsy in a report on Thursday. Guggenheim restated a “buy” rating and issued a $70.00 price target on shares of Etsy in a research report on Thursday, September 18th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $72.00 price objective on shares of Etsy in a research report on Thursday, October 23rd. B. Riley restated a “buy” rating on shares of Etsy in a report on Thursday, October 30th. Finally, Needham & Company LLC increased their price target on shares of Etsy from $72.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nineteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $64.24.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.