Canaccord Genuity Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target cut by research analysts at Canaccord Genuity Group from $76.00 to $72.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 57.00% from the stock’s previous close.

ETSY has been the subject of several other reports. Cantor Fitzgerald lowered their price objective on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. The Goldman Sachs Group dropped their target price on Etsy from $45.00 to $35.00 and set a “sell” rating on the stock in a report on Tuesday, April 22nd. Loop Capital lowered their target price on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday, February 20th. Citigroup decreased their price target on shares of Etsy from $53.00 to $48.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Stifel Nicolaus dropped their price objective on shares of Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.38.

Etsy Stock Up 0.7 %

Etsy stock opened at $45.86 on Monday. The firm has a 50-day moving average price of $46.64 and a two-hundred day moving average price of $51.32. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 2.57 and a beta of 2.15. Etsy has a 52-week low of $40.05 and a 52-week high of $71.72.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $861.37 million. During the same quarter in the previous year, the firm earned $0.62 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. Research analysts expect that Etsy will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares in the company, valued at $260,458.20. This represents a 81.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,952 shares of company stock worth $2,554,620 over the last ninety days. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC grew its stake in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the period. Larson Financial Group LLC grew its position in Etsy by 8.7% during the 4th 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 boosted its holdings 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 valued at $1,072,000 after acquiring an additional 258 shares during the last quarter. Denver PWM LLC boosted its holdings in shares of Etsy by 36.1% in the fourth quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after buying an additional 289 shares during the last quarter. Finally, True Wealth Design LLC boosted its position in shares of Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 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.