Etsy (NYSE:ETSY) Shares Down 6.3% – Here’s Why

Shares of Etsy Inc (NYSE:ETSY) were down 6.3% during trading on Monday . The company traded as low as $60.12 and last traded at $60.3370. Approximately 363,777 shares traded hands during trading, a decline of 89% from the average daily volume of 3,459,543 shares. The stock had previously closed at $64.38.

Analysts Set New Price Targets

A number of analysts have recently commented on ETSY shares. Sanford C. Bernstein upped their price objective on Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 30th. Needham & Company LLC increased their target price on shares of Etsy from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Truist Financial increased their target price on shares of Etsy from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. BTIG Research increased their target price on shares of Etsy from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Barclays increased their target price on shares of Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nineteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Etsy has a consensus rating of “Hold” and a consensus target price of $70.09.

Etsy Trading Down 0.1%

The stock has a 50-day moving average of $56.50. The firm has a market capitalization of $5.45 billion, a PE ratio of 23.93, a price-to-earnings-growth ratio of 5.33 and a beta of 1.89.

Etsy (NYSE:ETSY) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 9.94% and a negative return on equity of 28.60%. The company had revenue of $881.64 million during the quarter. Analysts forecast that Etsy Inc will post 3.74 EPS for the current year.

Insider Activity

In other news, CFO Charles Baker sold 2,030 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total transaction of $128,905.00. Following the completion of the transaction, the chief financial officer directly owned 6,913 shares in the company, valued at approximately $438,975.50. This represents a 22.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Richard Edward Colburn III sold 4,776 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $65.09, for a total value of $310,869.84. Following the transaction, the insider owned 6,503 shares of the company’s stock, valued at approximately $423,280.27. This trade represents a 42.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 278,569 shares of company stock worth $17,724,416 over the last three months. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several large investors have recently added to or reduced their stakes in ETSY. EFG International AG bought a new position in Etsy during the fourth quarter worth $33,000. Abich Financial Wealth Management LLC bought a new position in Etsy during the third quarter worth $51,000. Blue Trust Inc. lifted its stake in Etsy by 19.3% during the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the last quarter. Danske Bank A S bought a new position in Etsy during the third quarter worth $66,000. Finally, Federation des caisses Desjardins du Quebec lifted its stake in Etsy by 22.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after purchasing an additional 225 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.