Hidden Lake Asset Management LP Buys New Shares in Etsy Inc $ETSY

Hidden Lake Asset Management LP purchased a new position in shares of Etsy Inc (NYSE:ETSY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 92,767 shares of the company’s stock, valued at approximately $6,159,000. Etsy comprises 0.8% of Hidden Lake Asset Management LP’s investment portfolio, making the stock its 19th largest holding. Hidden Lake Asset Management LP owned 0.09% of Etsy at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Heritage Wealth Advisors grew its stake in shares of Etsy by 476.5% during the 2nd quarter. Heritage Wealth Advisors now owns 490 shares of the company’s stock valued at $25,000 after buying an additional 405 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of Etsy during the 2nd quarter worth $35,000. Salomon & Ludwin LLC purchased a new position in shares of Etsy in the 3rd quarter worth $55,000. SJS Investment Consulting Inc. raised its position in shares of 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 buying an additional 756 shares during the period. Finally, Abich Financial Wealth Management LLC acquired a new position in Etsy in the third quarter valued at $51,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Canaccord Genuity Group lowered their price target on Etsy from $80.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Jefferies Financial Group dropped their target price on shares of Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research report on Thursday, February 12th. Wedbush reduced their price target on shares of Etsy from $72.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, December 19th. Needham & Company LLC decreased their price objective on shares of Etsy from $76.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Finally, UBS Group dropped their price objective on shares of Etsy from $74.00 to $53.00 and set a “neutral” rating for the company in a research 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 issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.80.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Andrew Ballard sold 1,790 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total transaction of $99,774.60. Following the completion of the transaction, the director owned 4,006 shares in the company, valued at $223,294.44. This represents a 30.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 116,058 shares of company stock valued at $6,576,362. Corporate insiders own 2.80% of the company’s stock.

Etsy Stock Up 0.0%

Etsy stock opened at $52.00 on Monday. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 3.31 and a beta of 1.74. Etsy Inc has a one year low of $40.05 and a one year high of $76.51. The business’s 50 day moving average is $55.38.

Etsy (NYSE:ETSY) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $881.64 million during the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.

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

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.