Etsy (NASDAQ:ETSY) Shares Up 4.4% After Analyst Upgrade

Etsy, Inc. (NASDAQ:ETSY) traded up 4.4% during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. 2,701,135 shares were traded during trading, a decline of 35% from the average session volume of 4,183,405 shares. The stock had previously closed at $53.89.

Several other analysts have also issued reports on ETSY. Arete Research upgraded shares of Etsy to a “strong sell” rating in a research report on Wednesday, June 11th. Citigroup dropped their target price on Etsy from $53.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday, April 25th. Barclays dropped their price target on shares of Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 30th. Bank of America cut their target price on Etsy from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Canaccord Genuity Group cut their price objective on Etsy from $76.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.87.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $57.68, for a total value of $8,748,094.88. Following the completion of the transaction, the chief executive officer now owns 107,809 shares of the company’s stock, valued at $6,218,423.12. The trade was a 58.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $43.07, for a total transaction of $64,605.00. Following the sale, the insider now directly owns 33,322 shares in the company, valued at $1,435,178.54. This trade represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,418 shares of company stock valued at $11,234,192. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its holdings in shares of Etsy by 1,066.3% during the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer’s stock valued at $454,000 after purchasing an additional 8,797 shares in the last quarter. DJE Kapital AG purchased a new position in Etsy in the 4th quarter worth about $983,000. Charles Schwab Investment Management Inc. grew its stake in shares of Etsy by 12.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer’s stock worth $59,820,000 after acquiring an additional 122,126 shares during the period. JBGlobal.com LLC raised its holdings in shares of Etsy by 68.2% during the first quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer’s stock valued at $606,000 after purchasing an additional 5,206 shares during the last quarter. Finally, Brooklyn FI LLC bought a new position in Etsy during the fourth quarter valued at approximately $5,229,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

The stock’s 50-day moving average is $49.30 and its two-hundred day moving average is $51.22. The company has a market cap of $5.87 billion, a P/E ratio of 23.75, a P/E/G ratio of 2.57 and a beta of 1.80.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $651.18 million during the quarter, compared to analysts’ expectations of $642.22 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Etsy, Inc. will post 2.57 EPS for the current year.

About Etsy

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.