Loop Capital Downgrades Etsy (NASDAQ:ETSY) to Sell

Loop Capital lowered shares of Etsy (NASDAQ:ETSY) from a hold rating to a sell rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have $50.00 price objective on the specialty retailer’s stock, down from their previous price objective of $70.00.

ETSY has been the subject of several other research reports. Wells Fargo & Company lowered their price objective on Etsy from $62.00 to $60.00 and set an underweight rating for the company in a research report on Thursday, April 4th. Needham & Company LLC reaffirmed a buy rating and issued a $95.00 price target on shares of Etsy in a research report on Friday, March 1st. BTIG Research lowered their price target on Etsy from $90.00 to $87.00 and set a buy rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reaffirmed an underweight rating and issued a $55.00 price target (down previously from $65.00) on shares of Etsy in a research report on Thursday, April 18th. Finally, Piper Sandler lifted their price target on Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research report on Thursday, February 22nd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $79.96.

Etsy Trading Up 1.2 %

Etsy stock traded up $0.73 on Thursday, hitting $59.97. 5,617,654 shares of the stock traded hands, compared to its average volume of 3,661,918. The firm has a market cap of $7.02 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 4.22 and a beta of 2.00. The business’s fifty day simple moving average is $67.77 and its 200 day simple moving average is $71.53. Etsy has a 1 year low of $56.60 and a 1 year high of $102.81.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.53 EPS. As a group, analysts predict that Etsy will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the sale, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the sale, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of Etsy stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,968 shares of company stock worth $4,836,827. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. CVA Family Office LLC purchased a new position in Etsy during the fourth quarter worth $27,000. Operose Advisors LLC purchased a new position in Etsy during the third quarter worth $28,000. Sunbelt Securities Inc. boosted its stake in shares of Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Etsy by 402.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 358 shares during the period. Finally, Tompkins Financial Corp purchased a new stake in shares of Etsy during the fourth quarter valued at $41,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.