Readystate Asset Management LP Invests $3.17 Million in Etsy Inc $ETSY

Readystate Asset Management LP bought a new position in Etsy Inc (NYSE:ETSY) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 63,414 shares of the company’s stock, valued at approximately $3,169,000. Readystate Asset Management LP owned 0.07% of Etsy as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its position in shares of Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock valued at $282,000 after acquiring an additional 961 shares during the period. Empowered Funds LLC boosted its holdings in shares of Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock worth $456,000 after purchasing an additional 3,451 shares during the period. Woodline Partners LP purchased a new stake in shares of Etsy during the first quarter worth about $2,181,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Etsy by 33.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock worth $180,000 after purchasing an additional 906 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Etsy in the second quarter worth about $232,000. 99.53% of the stock is currently owned by institutional investors.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 881 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $75.35, for a total value of $66,383.35. Following the sale, the chief accounting officer directly owned 405 shares of the company’s stock, valued at $30,516.75. This represents a 68.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 39,161 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $79.00, for a total value of $3,093,719.00. Following the completion of the transaction, the insider owned 139,884 shares of the company’s stock, valued at approximately $11,050,836. This trade represents a 21.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 622,500 shares of company stock worth $44,791,414 over the last ninety days. 2.50% of the stock is owned by corporate insiders.

Etsy Stock Performance

ETSY stock opened at $86.80 on Wednesday. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $87.14. The business’s 50 day moving average price is $74.17 and its two-hundred day moving average price is $62.45. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 36.17, a price-to-earnings-growth ratio of 3.28 and a beta of 1.83.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group upgraded Etsy from a “neutral” rating to a “neutral” rating in a report on Thursday, May 21st. Guggenheim began coverage on Etsy in a research note on Thursday, May 21st. They set a “buy” rating on the stock. Sanford C. Bernstein upped their target price on Etsy from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 30th. Citigroup initiated coverage on Etsy in a research note on Thursday, May 21st. They issued an “outperform” rating for the company. Finally, Argus raised shares of Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $75.36.

Etsy Company Profile

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.