Etsy (NASDAQ:ETSY) Upgraded at Arete Research

Arete Research upgraded shares of Etsy (NASDAQ:ETSY) from a strong sell rating to a hold rating in a research report released on Thursday,Zacks.com reports.

ETSY has been the subject of a number of other reports. Bank of America upped their price objective on shares of Etsy from $67.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Truist Financial upped their price objective on shares of Etsy from $55.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Piper Sandler cut their price target on shares of Etsy from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Needham & Company LLC upped their price objective on Etsy from $55.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, July 31st. Finally, Stifel Nicolaus upped their price objective on Etsy from $45.00 to $66.00 and gave the stock a “hold” rating in a research report on Tuesday, July 29th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $57.20.

Etsy Stock Up 0.7%

NASDAQ ETSY opened at $60.91 on Thursday. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 49.12, a PEG ratio of 3.87 and a beta of 1.73. Etsy has a 52 week low of $40.05 and a 52 week high of $68.45. The company has a fifty day moving average of $57.58 and a two-hundred day moving average of $51.63.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company had revenue of $672.66 million for the quarter, compared to analysts’ expectations of $645.16 million. During the same period in the prior year, the firm posted $0.41 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Etsy will post 2.57 EPS for the current year.

Insider Activity

In other news, CTO Richard Edward Colburn III sold 2,350 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $47.01, for a total transaction of $110,473.50. Following the transaction, the chief technology officer owned 2,896 shares in the company, valued at $136,140.96. This trade represents a 44.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Josh Silverman sold 151,666 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the transaction, the chief executive officer owned 107,809 shares in the company, valued at $6,218,423.12. This trade represents a 58.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,968 shares of company stock worth $22,076,609. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ETSY. AQR Capital Management LLC raised its stake in Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after purchasing an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC raised its stake in Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock valued at $132,273,000 after purchasing an additional 1,486,142 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Etsy by 36.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock valued at $95,599,000 after purchasing an additional 535,864 shares during the last quarter. Victory Capital Management Inc. raised its stake in Etsy by 53.7% in the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer’s stock valued at $58,923,000 after purchasing an additional 436,231 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Etsy by 140.8% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer’s stock valued at $33,566,000 after purchasing an additional 415,942 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.