Etsy (NASDAQ:ETSY) Cut to Sell at Loop Capital

Etsy (NASDAQ:ETSY) was downgraded by Loop Capital from a “hold” rating to a “sell” rating in a report released on Thursday, Marketbeat.com reports. They presently have a $50.00 target price on the specialty retailer’s stock, down from their prior target price of $70.00. Loop Capital’s target price would indicate a potential downside of 16.62% from the company’s previous close.

ETSY has been the subject of several other research reports. Oppenheimer dropped their price objective on Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Evercore ISI cut their price objective on Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. UBS Group lowered their target price on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Etsy from $80.00 to $65.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th. Finally, Wedbush lowered their price objective on shares of Etsy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $79.96.

Etsy Price Performance

Shares of ETSY traded up $0.73 during midday trading on Thursday, hitting $59.97. 5,617,654 shares of the company traded hands, compared to its average volume of 3,661,918. Etsy has a one year low of $56.60 and a one year high of $102.81. The firm has a market cap of $7.02 billion, a P/E ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00. The stock has a 50-day moving average of $67.77 and a 200-day moving average of $71.52.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. During the same period last year, the company posted $0.53 EPS. The business’s revenue was up .8% on a year-over-year basis. Sell-side analysts forecast that Etsy will post 2.55 EPS for the current fiscal year.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Merilee Buckley sold 1,671 shares of Etsy stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,968 shares of company stock valued at $4,836,827. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in Etsy by 23.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock valued at $19,977,000 after acquiring an additional 57,785 shares during the period. Northern Trust Corp increased its stake in shares of Etsy by 4.3% during the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock valued at $77,118,000 after purchasing an additional 48,934 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Etsy during the fourth quarter valued at approximately $2,273,000. International Assets Investment Management LLC purchased a new position in shares of Etsy during the fourth quarter valued at approximately $38,490,000. Finally, CVA Family Office LLC bought a new stake in shares of Etsy in the 4th quarter worth approximately $27,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.