Etsy (NASDAQ:ETSY) Trading 9.1% Higher – Here’s What Happened

Etsy, Inc. (NASDAQ:ETSY) traded up 9.1% during mid-day trading on Monday . The stock traded as high as $70.40 and last traded at $70.02. 8,088,645 shares were traded during mid-day trading, an increase of 63% from the average session volume of 4,962,860 shares. The stock had previously closed at $64.18.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Etsy from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Cantor Fitzgerald raised their target price on shares of Etsy from $52.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Stifel Nicolaus lifted their price objective on shares of Etsy from $45.00 to $66.00 and gave the stock a “hold” rating in a research note on Tuesday, July 29th. Raymond James Financial lifted their price objective on shares of Etsy from $50.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Etsy from $41.00 to $57.00 and gave the stock an “underweight” rating in a research note on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $57.80.

Etsy Stock Performance

The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 59.95, a P/E/G ratio of 4.09 and a beta of 1.77. The firm’s fifty day simple moving average is $60.21 and its 200 day simple moving average is $53.54.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). The company had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. Analysts forecast that Etsy, Inc. will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $51.62, for a total value of $77,430.00. Following the sale, the insider directly owned 31,683 shares in the company, valued at $1,635,476.46. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Michele Burns sold 14,464 shares of Etsy stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the sale, the director owned 19,964 shares in the company, valued at $1,254,138.48. This trade represents a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 386,482 shares of company stock valued at $23,680,691 over the last ninety days. Insiders own 2.80% of the company’s stock.

Institutional Trading of Etsy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Heritage Wealth Advisors raised its holdings in shares of Etsy by 476.5% in the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 405 shares during the last quarter. Signaturefd LLC increased its holdings in Etsy by 52.7% during the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after buying an additional 192 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Etsy during the second quarter worth $35,000. SVB Wealth LLC acquired a new position in Etsy during the first quarter worth $36,000. Finally, Allworth Financial LP increased its holdings in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after buying an additional 248 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.