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

Loop Capital downgraded shares of Etsy (NASDAQ:ETSY) from a hold rating to a sell rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage currently has $50.00 price target on the specialty retailer’s stock, down from their previous price target of $70.00.

A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC restated a buy rating and set a $95.00 target price on shares of Etsy in a research note on Friday, March 1st. Morgan Stanley restated an underweight rating and set a $55.00 target price (down previously from $65.00) on shares of Etsy in a research note on Thursday, April 18th. Piper Sandler increased their price target on Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research note on Thursday, February 22nd. Oppenheimer decreased their price target on Etsy from $95.00 to $80.00 and set an outperform rating on the stock in a report on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Etsy from $80.00 to $65.00 and set a hold rating for the company in a research report on Wednesday, April 10th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Etsy has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Performance

Shares of ETSY stock traded up $0.73 during mid-day trading on Thursday, reaching $59.97. 5,617,654 shares of the company’s stock traded hands, compared to its average volume of 3,661,918. The firm has a market capitalization of $7.02 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 4.16 and a beta of 2.00. Etsy has a 12 month low of $56.60 and a 12 month high of $102.81. The firm has a 50 day moving average price of $67.77 and a two-hundred day moving average price of $71.52.

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

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at $183,868.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total value of $49,507.50. Following the transaction, the insider now 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 accessible through this hyperlink. Also, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,968 shares of company stock valued at $4,836,827. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several large investors have recently added to or reduced their stakes in ETSY. Bares Capital Management Inc. boosted its holdings in shares of Etsy by 57.8% in the third quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock valued at $261,143,000 after purchasing an additional 1,480,655 shares during the period. Norges Bank purchased a new stake in shares of Etsy in the 4th quarter worth $86,494,000. Van ECK Associates Corp grew its position in shares of Etsy by 40.3% during the 3rd quarter. Van ECK Associates Corp now owns 3,649,213 shares of the specialty retailer’s stock worth $235,666,000 after buying an additional 1,047,811 shares in the last quarter. TD Asset Management Inc increased its stake in shares of Etsy by 260.2% during the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after buying an additional 952,907 shares during the period. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Etsy by 84.4% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,309,510 shares of the specialty retailer’s stock valued at $106,136,000 after acquiring an additional 599,286 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.