The Goldman Sachs Group Downgrades Etsy (NASDAQ:ETSY) to Sell

Etsy (NASDAQ:ETSY) was downgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report released on Tuesday, Marketbeat reports. They presently have a $45.00 price objective on the specialty retailer’s stock, down from their previous price objective of $70.00. The Goldman Sachs Group’s price objective points to a potential downside of 14.33% from the stock’s previous close.

A number of other research analysts also recently issued reports on ETSY. Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 price target on shares of Etsy in a report on Monday, October 7th. Wells Fargo & Company dropped their target price on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Piper Sandler restated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. Stifel Nicolaus dropped their target price on Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research note on Thursday, August 1st. Finally, Wedbush restated a “neutral” rating and set a $65.00 target price on shares of Etsy in a research note on Monday, July 22nd. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $69.36.

Etsy Trading Up 2.4 %

Shares of NASDAQ:ETSY opened at $52.53 on Tuesday. Etsy has a 12-month low of $48.07 and a 12-month high of $89.58. The business’s fifty day simple moving average is $53.60 and its 200-day simple moving average is $59.49. The company has a market capitalization of $6.14 billion, a PE ratio of 23.99, a P/E/G ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. During the same quarter in the prior year, the business posted $0.83 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. Research analysts predict that Etsy will post 2.38 EPS for the current year.

Insider Activity

In other news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,619 shares of company stock valued at $300,670 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently bought and sold shares of ETSY. Marshall Wace LLP raised its holdings in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after purchasing an additional 1,055,296 shares during the period. Renaissance Technologies LLC increased its stake in Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares in the last quarter. Van ECK Associates Corp increased its stake in Etsy by 14.3% during the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after buying an additional 721,454 shares in the last quarter. Pacer Advisors Inc. increased its stake in Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after buying an additional 721,453 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after buying an additional 517,480 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.