Etsy (NASDAQ:ETSY) Hits New 52-Week Low on Analyst Downgrade

Etsy, Inc. (NASDAQ:ETSY) hit a new 52-week low during trading on Tuesday after UBS Group lowered their price target on the stock from $65.00 to $58.00. UBS Group currently has a neutral rating on the stock. Etsy traded as low as $47.69 and last traded at $47.69, with a volume of 80508 shares. The stock had previously closed at $49.61.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus lowered their price objective on Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group cut Etsy from a “neutral” rating to a “sell” rating and lowered their price target for the company from $70.00 to $45.00 in a report on Tuesday. Wolfe Research started coverage on shares of Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Wedbush reaffirmed a “neutral” rating and set a $65.00 price target on shares of Etsy in a research report on Monday, July 22nd. Finally, Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average target price of $69.36.

Insider Transactions at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,619 shares of company stock worth $300,670. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP grew its holdings in Etsy by 304.2% during the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the period. Renaissance Technologies LLC grew its position in Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after buying an additional 721,454 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock valued at $123,875,000 after acquiring an additional 721,453 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after acquiring an additional 517,480 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Stock Up 2.4 %

The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 4.99 and a beta of 1.97. The business has a 50-day moving average price of $53.60 and a 200-day moving average price of $59.49.

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 firm had revenue of $647.80 million for the quarter, compared to analyst estimates of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. Etsy’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned $0.83 earnings per share. As a group, sell-side analysts predict that Etsy, Inc. will post 2.38 EPS for the current year.

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.