Etsy Sees Unusually High Options Volume (NASDAQ:ETSY)

Etsy, Inc. (NASDAQ:ETSY) saw unusually large options trading on Thursday. Investors acquired 20,488 put options on the company. This represents an increase of approximately 30% compared to the typical daily volume of 15,749 put options.

Etsy Trading Down 8.8 %

NASDAQ:ETSY traded down $5.71 during trading hours on Thursday, hitting $59.43. 4,620,200 shares of the company were exchanged, compared to its average volume of 3,585,844. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 27.64, a price-to-earnings-growth ratio of 5.27 and a beta of 2.02. Etsy has a one year low of $55.08 and a one year high of $97.44. The company has a fifty day simple moving average of $61.10 and a 200 day simple moving average of $66.11.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). The company had revenue of $647.80 million for the quarter, compared to the consensus estimate of $629.87 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.83 earnings per share. Equities research analysts predict that Etsy will post 2.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ETSY shares. Wells Fargo & Company reduced their price target on Etsy from $58.00 to $56.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 25th. The Goldman Sachs Group reduced their price target on Etsy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Wolfe Research assumed coverage on Etsy in a research report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Needham & Company LLC reduced their target price on Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, Barclays reduced their target price on Etsy from $67.00 to $60.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.67.

Insider Transactions at Etsy

In other news, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $65.68, for a total transaction of $94,841.92. Following the transaction, the insider now owns 592 shares in the company, valued at $38,882.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Etsy

Large investors have recently made changes to their positions in the company. Arizona State Retirement System boosted its stake in Etsy by 0.5% during the 4th quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock valued at $2,740,000 after purchasing an additional 157 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Etsy by 3.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock valued at $354,000 after purchasing an additional 161 shares in the last quarter. Truist Financial Corp grew its position in shares of Etsy by 2.7% during the 4th quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock valued at $516,000 after purchasing an additional 168 shares in the last quarter. Yousif Capital Management LLC grew its position in shares of Etsy by 1.1% during the 1st quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock valued at $1,126,000 after purchasing an additional 172 shares in the last quarter. Finally, D.A. Davidson & CO. grew its position in Etsy by 0.9% in the fourth quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after acquiring an additional 184 shares in the last quarter. 99.53% of the stock is currently 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.