Y Intercept Hong Kong Ltd Lowers Stock Position in Etsy, Inc. $ETSY

Y Intercept Hong Kong Ltd cut its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 82.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,758 shares of the specialty retailer’s stock after selling 143,110 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Etsy were worth $1,976,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ETSY. Integrated Wealth Concepts LLC raised its position in Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the specialty retailer’s stock valued at $282,000 after purchasing an additional 961 shares during the period. Empowered Funds LLC lifted its stake in Etsy by 55.5% during the 1st quarter. Empowered Funds LLC now owns 9,673 shares of the specialty retailer’s stock worth $456,000 after acquiring an additional 3,451 shares in the last quarter. Woodline Partners LP purchased a new position in Etsy during the 1st quarter valued at about $2,181,000. GAMMA Investing LLC grew its position in Etsy by 44.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,789 shares of the specialty retailer’s stock valued at $140,000 after acquiring an additional 861 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Etsy by 52.7% during 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 period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Price Performance

NASDAQ:ETSY opened at $57.10 on Thursday. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $76.51. The firm has a market capitalization of $5.64 billion, a PE ratio of 46.05, a price-to-earnings-growth ratio of 10.65 and a beta of 1.74. The business’s fifty day moving average price is $56.64 and its 200 day moving average price is $60.55.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company had revenue of $678.03 million during the quarter, compared to the consensus estimate of $655.83 million. During the same period in the previous year, the business earned $0.45 EPS. Etsy’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, equities analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current year.

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

Insiders Place Their Bets

In related news, CMO Bradley Minor sold 3,095 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $57.81, for a total value of $178,921.95. Following the completion of the transaction, the chief marketing officer directly owned 7,373 shares of the company’s stock, valued at $426,233.13. This represents a 29.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Richard Edward Colburn III sold 3,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $57.80, for a total transaction of $184,960.00. Following the sale, the insider directly owned 4,387 shares in the company, valued at approximately $253,568.60. The trade was a 42.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 154,056 shares of company stock worth $8,931,918 in the last three months. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

ETSY has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on shares of Etsy from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Monday, October 13th. Stifel Nicolaus dropped their price target on shares of Etsy from $65.00 to $62.00 and set a “hold” rating for the company in a research note on Tuesday. Bank of America upped their price objective on Etsy from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Piper Sandler reiterated a “neutral” rating on shares of Etsy in a report on Wednesday, October 29th. Finally, Wells Fargo & Company cut their price target on Etsy from $58.00 to $52.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.72.

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.