Etsy (NYSE:ETSY) Trading Down 6.1% – Here’s Why
by Kim Johansen · The Markets DailyEtsy Inc (NYSE:ETSY – Get Free Report) shares traded down 6.1% during trading on Tuesday . The company traded as low as $48.78 and last traded at $49.2730. 681,425 shares traded hands during trading, a decline of 81% from the average session volume of 3,660,755 shares. The stock had previously closed at $52.49.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Wedbush cut their price objective on Etsy from $72.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, December 19th. UBS Group dropped their price target on Etsy from $74.00 to $53.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Wells Fargo & Company cut their price target on shares of Etsy from $52.00 to $47.00 and set an “underweight” rating on the stock in a report on Friday, February 20th. Stifel Nicolaus reduced their price objective on shares of Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research report on Friday, February 20th. Finally, Canaccord Genuity Group decreased their price objective on shares of Etsy from $80.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and a consensus price target of $60.80.
Check Out Our Latest Stock Report on Etsy
Etsy Stock Performance
The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 36.76, a P/E/G ratio of 3.15 and a beta of 1.74. The business has a fifty day simple moving average of $54.01.
Etsy (NYSE:ETSY – Get Free Report) last announced its earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The firm had revenue of $881.64 million for the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.
Etsy announced that its Board of Directors has approved a share repurchase program on Thursday, December 18th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling
In other Etsy news, insider Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the transaction, the insider owned 90,661 shares in the company, valued at approximately $4,828,604.86. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 5,636 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 116,058 shares of company stock worth $6,576,362 in the last 90 days. Insiders own 2.80% of the company’s stock.
Hedge Funds Weigh In On Etsy
A number of hedge funds have recently bought and sold shares of the company. EFG International AG bought a new position in shares of Etsy in the fourth quarter worth approximately $33,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Etsy during the second quarter valued at approximately $35,000. Salomon & Ludwin LLC purchased a new position in Etsy in the 3rd quarter worth approximately $55,000. SJS Investment Consulting Inc. raised its holdings in Etsy by 12,600.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock worth $51,000 after acquiring an additional 756 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in Etsy in the 3rd quarter valued at approximately $51,000. Institutional investors own 99.53% of the company’s stock.
About Etsy
Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.