Etsy (NYSE:ETSY) Shares Climb 5.5% – Still a Buy?

Etsy Inc (NYSE:ETSY) shot up 5.5% during mid-day trading on Wednesday. The stock traded as high as $71.60 and last traded at $73.0580. Approximately 221,085 shares were traded during trading, a decline of 93% from the average session volume of 3,240,676 shares. The stock had previously closed at $69.28.

Analyst Ratings Changes

ETSY has been the topic of a number of analyst reports. Wedbush initiated coverage on Etsy in a report on Thursday, July 16th. They issued a “neutral” rating and a $80.00 price objective on the stock. B. Riley Financial raised their price target on Etsy from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, August 10th. The Goldman Sachs Group assumed coverage on Etsy in a report on Monday, August 17th. They set a “neutral” rating and a $89.00 price objective on the stock. UBS Group increased their price objective on Etsy from $74.00 to $86.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Bank of America upgraded Etsy from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $88.00 to $95.00 in a research report on Thursday, August 20th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.21.

Etsy Price Performance

The company has a market capitalization of $6.88 billion, a PE ratio of 40.51, a P/E/G ratio of 1.72 and a beta of 1.81. The stock has a 50-day simple moving average of $78.80 and a 200 day simple moving average of $69.80.

Etsy (NYSE:ETSY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The firm had revenue of $668.31 million during the quarter, compared to analysts’ expectations of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. As a group, research analysts predict that Etsy Inc will post 3.94 EPS for the current fiscal year.

Insider Transactions at Etsy

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $81.86, for a total transaction of $1,637,200.00. Following the completion of the transaction, the director owned 401,329 shares in the company, valued at approximately $32,852,791.94. The trade was a 4.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 2,913 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $82.11, for a total transaction of $239,186.43. Following the completion of the sale, the insider directly owned 6,503 shares in the company, valued at $533,961.33. This trade represents a 30.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 158,745 shares of company stock worth $12,979,866 in the last 90 days. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its holdings in shares of Etsy by 10.3% in the second quarter. Sequoia Financial Advisors LLC now owns 4,584 shares of the company’s stock worth $345,000 after acquiring an additional 429 shares during the last quarter. Engineers Gate Manager LP boosted its stake in shares of Etsy by 56.2% during the second quarter. Engineers Gate Manager LP now owns 77,568 shares of the company’s stock valued at $5,843,000 after acquiring an additional 27,908 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in shares of Etsy during the second quarter valued at $226,000. Allworth Financial LP increased its position in Etsy by 37.8% during the 2nd quarter. Allworth Financial LP now owns 1,808 shares of the company’s stock worth $136,000 after purchasing an additional 496 shares in the last quarter. Finally, Empirical Finance LLC purchased a new stake in Etsy during the 2nd quarter worth about $267,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

About Etsy

Etsy, Inc operates a global online marketplace focused on unique and creative goods. Its platform connects buyers with independent sellers offering handmade products, vintage items, craft supplies, personalized merchandise, home décor, jewelry, clothing, and other specialty goods.

The company generates revenue primarily through marketplace services, including seller listing and transaction fees, payment processing, advertising, and other seller-focused services. Etsy also provides tools intended to help independent merchants manage their shops, market products, process orders, and reach customers.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.