Etsy (NASDAQ:ETSY) Insider Sells $4,979,828.36 in Stock

Etsy, Inc. (NASDAQ:ETSY) insider Josh Silverman sold 86,666 shares of Etsy stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the transaction, the insider owned 90,661 shares of the company’s stock, valued at $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Josh Silverman also recently made the following trade(s):

• On Monday, December 1st, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $54.67, for a total value of $1,184,480.22.
• On Monday, November 3rd, Josh Silverman sold 21,666 shares of Etsy stock. The stock was sold at an average price of $61.46, for a total value of $1,331,592.36.

Etsy Stock Performance

Etsy stock opened at $61.77 on Thursday. The firm’s 50-day moving average is $56.11 and its 200-day moving average is $59.78. Etsy, Inc. has a 1 year low of $40.05 and a 1 year high of $76.51. The company has a market cap of $6.10 billion, a P/E ratio of 49.82, a PEG ratio of 10.65 and a beta of 1.74.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company had revenue of $678.03 million during the quarter, compared to analyst estimates of $655.83 million. During the same period in the prior year, the company earned $0.45 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. As a group, sell-side analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current year.

Etsy declared that its board has approved a stock repurchase program on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the specialty retailer to buy up to 14.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on Etsy from $61.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating and set a $64.00 price objective on shares of Etsy in a research note on Thursday, October 30th. Evercore ISI cut Etsy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 30th. BNP Paribas Exane began coverage on Etsy in a research note on Monday, November 24th. They set a “neutral” rating for the company. Finally, Truist Financial raised their price objective on shares of Etsy from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nineteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus target price of $64.24.

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC lifted its position in shares of Etsy by 90.4% in the second quarter. Chicago Partners Investment Group LLC now owns 9,383 shares of the specialty retailer’s stock worth $471,000 after buying an additional 4,455 shares during the last quarter. Friedenthal Financial bought a new position in shares of Etsy in the second quarter valued at approximately $903,000. Monaco Asset Management SAM acquired a new stake in shares of Etsy in the second quarter worth $1,254,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Etsy during the 2nd quarter worth $8,671,000. Finally, Ground Swell Capital LLC acquired a new position in Etsy in the 2nd quarter valued at $383,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.