BTIG Research Reiterates Buy Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating reiterated by analysts at BTIG Research in a research note issued on Wednesday,Benzinga reports. They currently have a $81.00 price objective on the specialty retailer’s stock. BTIG Research’s price objective points to a potential upside of 27.12% from the stock’s current price.

A number of other analysts also recently issued reports on the company. B. Riley restated a “buy” rating on shares of Etsy in a research report on Thursday, October 30th. Piper Sandler reiterated a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. Sanford C. Bernstein increased their target price on shares of Etsy from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday, July 17th. Stifel Nicolaus lifted their price target on shares of Etsy from $45.00 to $66.00 and gave the stock a “hold” rating in a research note on Tuesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $72.00 price target on shares of Etsy in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nineteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $64.24.

Etsy Trading Up 5.8%

ETSY opened at $63.72 on Wednesday. The stock has a 50-day moving average of $65.20 and a 200 day moving average of $58.82. Etsy has a 12 month low of $40.05 and a 12 month high of $76.51. The firm has a market cap of $6.29 billion, a P/E ratio of 51.39, a P/E/G ratio of 10.65 and a beta of 1.87.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $678.03 million for the quarter, compared to the consensus estimate of $655.83 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. On average, research analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity at Etsy

In other news, insider Goyal Kruti Patel sold 7,685 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $75.01, for a total transaction of $576,451.85. Following the transaction, the insider directly owned 54,840 shares of the company’s stock, valued at approximately $4,113,548.40. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Bradley Minor sold 3,095 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $57.81, for a total value of $178,921.95. Following the completion of the transaction, the chief marketing officer directly owned 7,373 shares in the company, valued at approximately $426,233.13. This trade represents a 29.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 394,619 shares of company stock worth $25,966,574 over the last ninety days. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently modified their holdings of the business. Heritage Wealth Advisors increased its holdings in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after buying an additional 405 shares during the period. Signaturefd LLC increased its holdings in shares of Etsy by 52.7% in the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock valued at $28,000 after acquiring an additional 192 shares during the period. Allworth Financial LP increased its holdings in shares of Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock valued at $35,000 after acquiring an additional 248 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy in the 2nd quarter worth $35,000. Finally, SVB Wealth LLC purchased a new stake in shares of Etsy during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.