Apollon Wealth Management LLC Makes New Investment in Etsy, Inc. (NASDAQ:ETSY)

Apollon Wealth Management LLC acquired a new stake in shares of Etsy, Inc. (NASDAQ:ETSY) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,054 shares of the specialty retailer’s stock, valued at approximately $225,000.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. increased its holdings in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the period. UMB Bank n.a. increased 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 acquiring an additional 292 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Etsy in the second quarter worth about $42,000. Capital Performance Advisors LLP bought a new position in Etsy during the third quarter worth about $43,000. Finally, GAMMA Investing LLC boosted its holdings in Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after purchasing an additional 253 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Insider Buying and Selling at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 3.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,369 shares of company stock valued at $280,200. 2.60% of the stock is currently owned by company insiders.

Etsy Trading Up 1.9 %

Shares of NASDAQ ETSY opened at $50.56 on Tuesday. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58. The firm’s 50-day moving average is $52.09 and its 200-day moving average is $56.89. The firm has a market capitalization of $5.69 billion, a PE ratio of 25.80, a price-to-earnings-growth ratio of 5.86 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 earnings per share. As a group, equities research analysts anticipate that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its board has authorized a stock buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and cut their target price for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Stifel Nicolaus cut their price objective on Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th. Citigroup reduced their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Piper Sandler reiterated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Finally, Bank of America reduced their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and an average price target of $64.87.

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.