Morgan Stanley Reaffirms Underweight Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “underweight” rating reissued by Morgan Stanley in a report released on Thursday, MarketBeat reports. They presently have a $55.00 price objective on the specialty retailer’s stock, down from their previous price objective of $65.00. Morgan Stanley’s price objective points to a potential downside of 17.62% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Barclays increased their target price on shares of Etsy from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Evercore ISI reduced their target price on Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. BTIG Research lowered their price target on Etsy from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. UBS Group reduced their price objective on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company lowered their target price on shares of Etsy from $62.00 to $60.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $84.88.

Etsy Price Performance

ETSY opened at $66.76 on Thursday. The company has a market capitalization of $7.91 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 4.71 and a beta of 2.01. The business has a 50-day moving average of $69.67 and a 200-day moving average of $71.35. Etsy has a fifty-two week low of $58.20 and a fifty-two week high of $104.93.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The firm had revenue of $842.32 million during the quarter, compared to analysts’ expectations of $827.40 million. On average, equities research analysts expect that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.01, for a total transaction of $49,507.50. Following the sale, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the sale, the insider now owns 19,682 shares in the company, valued at $1,299,208.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ETSY. First Capital Advisors Group LLC. acquired a new stake in Etsy in the 2nd quarter valued at $25,000. CVA Family Office LLC bought a new stake in shares of Etsy in the 4th quarter worth about $27,000. ICA Group Wealth Management LLC acquired a new stake in shares of Etsy during the 4th quarter worth about $28,000. Operose Advisors LLC acquired a new stake in shares of Etsy during the 3rd quarter worth about $28,000. Finally, Quarry LP lifted its holdings in Etsy by 121.7% during the 1st quarter. Quarry LP now owns 266 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 146 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.