Etsy (NASDAQ:ETSY) Given New $62.00 Price Target at Citigroup

Etsy (NASDAQ:ETSY) had its price objective cut by equities researchers at Citigroup from $72.00 to $62.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price objective points to a potential upside of 4.55% from the stock’s current price.

A number of other research firms have also recently weighed in on ETSY. Morgan Stanley decreased their price objective on shares of Etsy from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Thursday. Barclays lowered their price objective on Etsy from $67.00 to $60.00 and set an “equal weight” rating for the company in a research note on Thursday. Piper Sandler upped their target price on Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, February 22nd. Evercore ISI decreased their price target on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Finally, Canaccord Genuity Group dropped their price target on shares of Etsy from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $79.96.

Etsy Trading Down 15.0 %

NASDAQ:ETSY traded down $10.44 during mid-day trading on Thursday, hitting $59.30. The company had a trading volume of 19,777,444 shares, compared to its average volume of 3,846,773. Etsy has a 1 year low of $56.60 and a 1 year high of $102.81. The business has a fifty day simple moving average of $68.28 and a 200-day simple moving average of $71.65. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 26.35, a PEG ratio of 4.81 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share. As a group, research analysts anticipate that Etsy will post 2.56 earnings per share for the current year.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the sale, the insider now directly owns 19,682 shares of the company’s stock, valued at approximately $1,299,208.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the sale, the insider now directly owns 19,682 shares of the company’s stock, valued at approximately $1,299,208.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock worth $4,836,827 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

A number of hedge funds have recently bought and sold shares of ETSY. Arizona State Retirement System lifted its position in shares of Etsy by 0.5% in the 4th quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock valued at $2,740,000 after acquiring an additional 157 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Etsy by 3.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock valued at $354,000 after purchasing an additional 161 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Etsy by 2.7% during the fourth quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock valued at $516,000 after buying an additional 168 shares in the last quarter. Yousif Capital Management LLC raised its position in Etsy by 1.1% during the first quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock valued at $1,126,000 after buying an additional 172 shares during the period. Finally, D.A. Davidson & CO. lifted its stake in Etsy by 0.9% in the 4th quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after acquiring an additional 184 shares in the last quarter. 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.