Etsy (NASDAQ:ETSY) Shares Down 6.5% After Insider Selling

Etsy, Inc. (NASDAQ:ETSY) dropped 6.5% on Thursday after an insider sold shares in the company. The stock traded as low as $47.19 and last traded at $46.74. Approximately 1,405,340 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 3,529,790 shares. The stock had previously closed at $50.00.

Specifically, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $50.48, for a total value of $75,720.00. Following the completion of the sale, the insider now owns 20,698 shares in the company, valued at $1,044,835.04. The trade was a 6.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of research firms recently issued reports on ETSY. Loop Capital lowered their target price on shares of Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a report on Thursday, February 20th. Canaccord Genuity Group lowered their price objective on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Truist Financial cut their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Citigroup lowered their price target on Etsy from $56.00 to $53.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Finally, Moffett Nathanson raised their price objective on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.78.

Etsy Price Performance

The company has a fifty day moving average of $53.53 and a two-hundred day moving average of $53.67. The stock has a market capitalization of $5.00 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same period in the previous year, the business earned $0.62 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities research analysts predict that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ETSY. Lindbrook Capital LLC grew its position in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 181 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Etsy by 8.7% during the fourth quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock valued at $144,000 after purchasing an additional 218 shares during the last quarter. Heron Bay Capital Management raised its position in shares of Etsy by 1.3% during the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after purchasing an additional 258 shares during the period. Denver PWM LLC lifted its holdings in shares of Etsy by 36.1% in the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after purchasing an additional 289 shares during the last quarter. Finally, True Wealth Design LLC boosted its position in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares during the period. 99.53% of the stock is currently owned by 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.