ExodusPoint Capital Management LP Grows Position in Etsy, Inc. (NASDAQ:ETSY)

ExodusPoint Capital Management LP grew its stake in Etsy, Inc. (NASDAQ:ETSY) by 73.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,837 shares of the specialty retailer’s stock after buying an additional 38,855 shares during the period. ExodusPoint Capital Management LP owned 0.08% of Etsy worth $4,857,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Lindbrook Capital LLC lifted its position in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Etsy during the fourth quarter worth about $37,000. Kestra Investment Management LLC acquired a new stake in shares of Etsy during the fourth quarter worth about $38,000. Versant Capital Management Inc increased its holdings in Etsy by 153.1% in the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after buying an additional 499 shares during the period. Finally, Blue Trust Inc. raised its position in Etsy by 95.1% during the 4th quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer’s stock worth $46,000 after buying an additional 426 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Down 8.2 %

Shares of ETSY opened at $44.42 on Friday. The stock has a fifty day simple moving average of $50.45 and a two-hundred day simple moving average of $52.43. The company has a market capitalization of $4.76 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. Etsy, Inc. has a 52-week low of $43.43 and a 52-week high of $71.72.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same period last year, the business earned $0.62 earnings per share. Etsy’s revenue was up 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 50,952 shares of company stock worth $2,554,620 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Morgan Stanley dropped their price objective on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Thursday, February 20th. Wells Fargo & Company cut their price target on Etsy from $47.00 to $46.00 and set an “underweight” rating on the stock in a research report on Wednesday. Cantor Fitzgerald decreased their price objective on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Stifel Nicolaus reduced their price target on Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research report on Thursday, February 20th. Finally, Canaccord Genuity Group decreased their price target on Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.38.

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.