Etsy (NASDAQ:ETSY) Shares Up 4.4% Following Analyst Upgrade

Etsy, Inc. (NASDAQ:ETSY) shot up 4.4% during trading on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. 2,701,135 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 4,183,405 shares. The stock had previously closed at $53.89.

A number of other brokerages have also recently issued reports on ETSY. Cantor Fitzgerald upped their price objective on Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Stifel Nicolaus dropped their price objective on Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Barclays dropped their price objective on Etsy from $55.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group dropped their price objective on Etsy from $35.00 to $31.00 and set a “sell” rating on the stock in a research note on Thursday, May 1st. Finally, Arete Research upgraded Etsy to a “strong sell” rating in a research note on Wednesday, June 11th. Six investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus price target of $49.87.

Insider Buying and Selling at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total transaction of $81,118.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $58.77, for a total value of $88,155.00. Following the sale, the insider now directly owns 31,822 shares in the company, valued at approximately $1,870,178.94. This trade represents a 4.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,418 shares of company stock valued at $11,234,192 in the last ninety days. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Etsy by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock worth $651,056,000 after buying an additional 56,772 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Etsy by 4.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after buying an additional 235,550 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Etsy by 423.7% during the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after buying an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Etsy by 112.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after buying an additional 1,486,142 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Etsy by 36.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock worth $95,599,000 after buying an additional 535,864 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Trading Up 1.2%

The firm has a market capitalization of $5.69 billion, a P/E ratio of 38.95, a P/E/G ratio of 2.97 and a beta of 1.80. The firm has a 50-day moving average of $49.51 and a two-hundred day moving average of $51.24.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. Etsy’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 earnings per share. On average, sell-side analysts anticipate that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

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.