Etsy (NASDAQ:ETSY) Shares Down 4.3% Following Insider Selling

Etsy, Inc. (NASDAQ:ETSY)’s stock price fell 4.3% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $51.02 and last traded at $51.5240. 1,006,683 shares were traded during trading, a decline of 80% from the average session volume of 4,953,364 shares. The stock had previously closed at $53.83.

Specifically, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Monday, December 1st. The stock was sold at an average price of $54.67, for a total transaction of $1,184,480.22. Following the completion of the transaction, the chief executive officer directly owned 78,946 shares of the company’s stock, valued at approximately $4,315,977.82. This trade represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

ETSY has been the subject of a number of recent analyst reports. Truist Financial increased their target price on shares of Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. BTIG Research reiterated a “buy” rating and issued a $81.00 target price on shares of Etsy in a research note on Wednesday, November 12th. JPMorgan Chase & Co. increased their price target on Etsy from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, October 13th. Evercore ISI cut Etsy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Finally, UBS Group lifted their price objective on Etsy from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-one have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.38.

Etsy Price Performance

The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of 42.00, a price-to-earnings-growth ratio of 10.65 and a beta of 1.76. The stock has a 50-day moving average of $63.64 and a 200 day moving average of $59.68.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06. The company had revenue of $678.03 million for the quarter, compared to analyst estimates of $655.83 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Sell-side analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Holocene Advisors LP grew its stake in shares of Etsy by 697.4% during the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock worth $268,045,000 after purchasing an additional 4,673,615 shares during the period. Lone Pine Capital LLC acquired a new position in shares of Etsy during the 3rd quarter worth about $257,614,000. AQR Capital Management LLC increased its stake in shares of 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 acquiring an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of 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 acquiring an additional 1,486,142 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock valued at $185,197,000 after acquiring an additional 1,416,772 shares during the period. 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.