Etsy (NYSE:ETSY) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Etsy (NYSE:ETSY) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks reports.

A number of other analysts also recently issued reports on the stock. Sanford C. Bernstein upgraded shares of Etsy from a “hold” rating to a “strong-buy” rating in a report on Friday, September 11th. Seaport Research Partners upgraded Etsy to a “buy” rating in a research report on Thursday, August 20th. The Goldman Sachs Group began coverage on Etsy in a report on Monday, August 17th. They issued a “neutral” rating and a $89.00 target price on the stock. Rosenblatt Securities started coverage on Etsy in a research report on Thursday, August 20th. They issued a “buy” rating and a $95.00 target price on the stock. Finally, Truist Financial increased their price target on Etsy from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $86.21.

Etsy Price Performance

ETSY stock opened at $71.56 on Monday. Etsy has a 1-year low of $44.00 and a 1-year high of $87.97. The business has a 50 day simple moving average of $77.74 and a two-hundred day simple moving average of $70.46. The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of 39.98, a PEG ratio of 1.77 and a beta of 1.86.

Etsy (NYSE:ETSY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The company had revenue of $668.31 million for the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts anticipate that Etsy will post 3.94 EPS for the current fiscal year.

Insider Activity

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $81.86, for a total transaction of $1,637,200.00. Following the sale, the director directly owned 401,329 shares of the company’s stock, valued at $32,852,791.94. The trade was a 4.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 405 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $79.50, for a total value of $32,197.50. Following the sale, the chief accounting officer owned 167 shares in the company, valued at approximately $13,276.50. This trade represents a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 159,954 shares of company stock worth $13,064,903. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new stake in Etsy in the second quarter worth $34,000. EFG International AG bought a new position in Etsy during the second quarter valued at $45,000. CoreCap Advisors LLC raised its stake in shares of Etsy by 2,379.1% in the second quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock valued at $80,000 after acquiring an additional 1,023 shares during the period. Blue Trust Inc. raised its stake in shares of Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after acquiring an additional 200 shares during the period. Finally, Johnson Financial Group Inc. bought a new stake in shares of Etsy in the 2nd quarter worth about $105,000. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

Etsy, Inc operates a global online marketplace focused on unique and creative goods. Its platform connects buyers with independent sellers offering handmade products, vintage items, craft supplies, personalized merchandise, home décor, jewelry, clothing, and other specialty goods.

The company generates revenue primarily through marketplace services, including seller listing and transaction fees, payment processing, advertising, and other seller-focused services. Etsy also provides tools intended to help independent merchants manage their shops, market products, process orders, and reach customers.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.