Etsy (NASDAQ:ETSY) Shares Gap Down to $67.49

Shares of Etsy, Inc. (NASDAQ:ETSY) gapped down prior to trading on Thursday . The stock had previously closed at $67.49, but opened at $65.35. Etsy shares last traded at $66.50, with a volume of 547,846 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETSY. Deutsche Bank Aktiengesellschaft lowered their price objective on Etsy from $80.00 to $65.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Truist Financial lowered their price objective on Etsy from $87.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Evercore ISI lowered their price objective on Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Barclays upped their price objective on Etsy from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Thursday, February 22nd. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $55.00 price objective (down from $65.00) on shares of Etsy in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $84.88.

Etsy Trading Down 0.9 %

The firm has a market cap of $7.91 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 4.71 and a beta of 2.01. The stock has a 50 day simple moving average of $69.67 and a 200-day simple moving average of $71.35.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The business had revenue of $842.32 million during the quarter, compared to analyst estimates of $827.40 million. On average, equities research analysts expect that Etsy, Inc. will post 2.57 EPS for the current year.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the sale, the chief executive officer now owns 23,140 shares in the company, valued at approximately $1,677,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,968 shares of company stock worth $4,836,827. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. Bares Capital Management Inc. boosted its holdings in shares of Etsy by 57.8% during the 3rd quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock valued at $261,143,000 after purchasing an additional 1,480,655 shares during the last quarter. Norges Bank bought a new position in shares of Etsy in the 4th quarter valued at about $86,494,000. Van ECK Associates Corp lifted its holdings in shares of Etsy by 40.3% in the 3rd quarter. Van ECK Associates Corp now owns 3,649,213 shares of the specialty retailer’s stock valued at $235,666,000 after acquiring an additional 1,047,811 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Etsy by 260.2% in the 4th quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after acquiring an additional 952,907 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of Etsy by 69.7% in the 1st quarter. Clearbridge Investments LLC now owns 2,314,633 shares of the specialty retailer’s stock valued at $287,663,000 after acquiring an additional 950,415 shares during the last quarter. 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.