The Goldman Sachs Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target dropped by equities research analysts at The Goldman Sachs Group from $45.00 to $35.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “sell” rating on the specialty retailer’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 23.49% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Morgan Stanley cut their price target on shares of Etsy from $44.00 to $40.00 and set an “underweight” rating on the stock in a research note on Thursday, April 17th. Cantor Fitzgerald cut their target price on Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. Stifel Nicolaus reduced their price target on shares of Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research report on Thursday, February 20th. Truist Financial cut their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Finally, Loop Capital decreased their target price on shares of Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a research report on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.00.

Etsy Stock Performance

ETSY traded up $1.20 during trading on Tuesday, hitting $45.74. The stock had a trading volume of 963,787 shares, compared to its average volume of 3,809,941. The stock has a 50 day simple moving average of $47.52 and a two-hundred day simple moving average of $51.45. Etsy has a twelve month low of $40.05 and a twelve month high of $71.72. The company has a market capitalization of $4.90 billion, a PE ratio of 19.30, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. During the same quarter in the prior year, the business posted $0.62 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Etsy will post 2.57 EPS for the current year.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares of the company’s stock, valued at $260,458.20. The trade was a 81.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,952 shares of company stock worth $2,554,620. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Lindbrook Capital LLC raised its holdings in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC acquired a new stake in shares of Etsy in the fourth quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Etsy during the fourth quarter worth approximately $34,000. Finally, Summit Securities Group LLC acquired a new position in Etsy during the fourth quarter worth $37,000. 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.