Citigroup Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective cut by stock analysts at Citigroup from $73.00 to $60.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s target price would indicate a potential upside of 12.94% from the company’s previous close.

Several other analysts have also commented on the company. Moffett Nathanson reaffirmed a “neutral” rating on shares of Etsy in a report on Wednesday, October 29th. Cantor Fitzgerald restated a “neutral” rating and set a $64.00 price target on shares of Etsy in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $72.00 price target on shares of Etsy in a research report on Thursday, October 23rd. Evercore ISI downgraded shares of Etsy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Finally, Barclays upped their target price on shares of Etsy from $60.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twenty have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Etsy currently has an average rating of “Hold” and an average target price of $64.46.

Etsy Price Performance

Etsy stock traded down $0.73 during midday trading on Monday, reaching $53.13. 2,745,135 shares of the company traded hands, compared to its average volume of 4,915,157. Etsy has a 12 month low of $40.05 and a 12 month high of $76.51. The business has a 50 day moving average of $61.73 and a two-hundred day moving average of $60.09. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 10.65 and a beta of 1.76.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The business had revenue of $678.03 million during the quarter, compared to the consensus estimate of $655.83 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, equities analysts forecast that Etsy will post 2.57 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Josh Silverman sold 150,000 shares of the company’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $72.50, for a total value of $10,875,000.00. Following the completion of the transaction, the chief executive officer owned 62,674 shares of the company’s stock, valued at approximately $4,543,865. This represents a 70.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Bradley Minor sold 3,095 shares of the firm’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $57.81, for a total value of $178,921.95. Following the sale, the chief marketing officer directly owned 7,373 shares in the company, valued at approximately $426,233.13. This represents a 29.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 311,105 shares of company stock valued at $21,144,854. Insiders own 2.80% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Holocene Advisors LP boosted its stake in Etsy by 697.4% in the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock worth $268,045,000 after purchasing an additional 4,673,615 shares during the period. Lone Pine Capital LLC purchased a new position in shares of Etsy in the third quarter worth $257,614,000. AQR Capital Management LLC boosted its position in shares of Etsy by 423.7% during the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after acquiring an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC grew its stake in Etsy by 112.8% during the first quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock valued at $132,273,000 after acquiring an additional 1,486,142 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock valued at $185,197,000 after acquiring an additional 1,416,772 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

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.