Etsy (NASDAQ:ETSY) Hits New 52-Week Low Following Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY) reached a new 52-week low on Tuesday after Stifel Nicolaus lowered their price target on the stock from $64.00 to $56.00. Stifel Nicolaus currently has a hold rating on the stock. Etsy traded as low as $48.01 and last traded at $48.15, with a volume of 25474 shares trading hands. The stock had previously closed at $48.77.

ETSY has been the subject of a number of other reports. Piper Sandler restated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Loop Capital reduced their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. UBS Group lowered their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Etsy in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of Etsy in a research note on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.48.

Insider Transactions at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,619 shares of company stock valued at $300,670. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Etsy by 7.0% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after purchasing an additional 240 shares in the last quarter. Meridian Management Co. grew its stake in Etsy by 0.4% during the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after buying an additional 241 shares during the last quarter. GAMMA Investing LLC increased its position in Etsy by 25.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after buying an additional 253 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Price Performance

The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 21.68, a P/E/G ratio of 4.85 and a beta of 1.97. The firm has a fifty day simple moving average of $52.83 and a two-hundred day simple moving average of $58.37.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The company had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. During the same quarter last year, the business earned $0.83 earnings per share. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities analysts anticipate that Etsy, Inc. will post 2.38 earnings per share for the current fiscal year.

Etsy Company Profile

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.