Etsy (NYSE:ETSY) Reaches New 12-Month High – Here’s Why

Shares of Etsy Inc (NYSE:ETSY) hit a new 52-week high during trading on Wednesday. The stock traded as high as $96.45 and last traded at $96.3560, with a volume of 113,824 shares traded. The stock had previously closed at $89.86.

Analyst Ratings Changes

ETSY has been the topic of a number of research reports. Zacks Research downgraded shares of Etsy from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Royal Bank Of Canada cut shares of Etsy to a “sector perform” rating in a report on Thursday, August 20th. UBS Group raised their price target on shares of Etsy from $86.00 to $100.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Piper Sandler lifted their price target on shares of Etsy from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Bank of America reiterated a “buy” rating and set a $115.00 price objective on shares of Etsy in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.07.

Etsy Trading Up 8.0%

The business has a fifty day simple moving average of $79.04 and a 200 day simple moving average of $68.51. The stock has a market capitalization of $8.36 billion, a P/E ratio of 11.46, a price-to-earnings-growth ratio of 1.96 and a beta of 1.75.

Etsy (NYSE:ETSY) last posted its earnings results on Wednesday, October 28th. The company reported $7.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $6.55. Etsy had a net margin of 34.36% and a negative return on equity of 43.65%. The firm had revenue of $692.47 million during the quarter, compared to analyst estimates of $669.04 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. As a group, research analysts forecast that Etsy Inc will post 4.31 earnings per share for the current year.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 5,076 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $90.00, for a total value of $456,840.00. Following the completion of the sale, the chief accounting officer owned 5,076 shares in the company, valued at approximately $456,840. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Colburn, III sold 4,472 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $71.31, for a total transaction of $318,898.32. Following the completion of the sale, the insider owned 6,503 shares of the company’s stock, valued at approximately $463,728.93. This trade represents a 40.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 141,501 shares of company stock worth $12,314,562 in the last ninety days. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of Etsy

A number of hedge funds have recently bought and sold shares of ETSY. Lmcg Investments LLC grew its stake in Etsy by 0.3% in the 1st quarter. Lmcg Investments LLC now owns 71,569 shares of the company’s stock valued at $3,577,000 after purchasing an additional 249 shares during the period. NorthCrest Asset Manangement LLC raised its stake in shares of Etsy by 9.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 3,166 shares of the company’s stock worth $238,000 after purchasing an additional 269 shares during the period. Signaturefd LLC raised its stake in shares of Etsy by 61.8% during the 3rd quarter. Signaturefd LLC now owns 762 shares of the company’s stock worth $54,000 after purchasing an additional 291 shares during the period. Modera Wealth Management LLC raised its stake in shares of Etsy by 1.3% during the 1st quarter. Modera Wealth Management LLC now owns 23,889 shares of the company’s stock worth $1,194,000 after purchasing an additional 302 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Etsy by 6.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 5,971 shares of the company’s stock worth $427,000 after buying an additional 336 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

About Etsy

Etsy, Inc operates an online marketplace that connects independent sellers with consumers seeking unique and creative goods. Its marketplace features products such as handmade items, personalized gifts, vintage merchandise, home décor, jewelry, clothing, craft supplies and other goods made, designed, selected or sourced by individual sellers and small businesses.

The company provides tools and services that support marketplace activity, including seller storefronts, search and discovery features, payment processing, advertising, shipping assistance and customer support.