Etsy (NYSE:ETSY) Stock Price Down 6.1% – Here’s What Happened

Etsy Inc (NYSE:ETSY)’s stock price fell 6.1% during mid-day trading on Tuesday . The stock traded as low as $48.78 and last traded at $49.2730. 681,425 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,660,755 shares. The stock had previously closed at $52.49.

Analyst Ratings Changes

ETSY has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on Etsy from $63.00 to $54.00 and set a “hold” rating on the stock in a report on Tuesday, February 24th. JPMorgan Chase & Co. cut their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. BTIG Research reduced their target price on shares of Etsy from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, February 19th. B. Riley Financial decreased their target price on shares of Etsy from $78.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Finally, Canaccord Genuity Group dropped their price target on shares of Etsy from $80.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $60.80.

Etsy Stock Performance

The company has a market capitalization of $4.66 billion, a P/E ratio of 37.05, a PEG ratio of 3.36 and a beta of 1.74. The stock has a 50 day moving average price of $54.52.

Etsy (NYSE:ETSY) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The firm had revenue of $881.64 million for the quarter.

Etsy declared that its board has approved a share repurchase program on Thursday, December 18th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In related news, Director Charles Andrew Ballard sold 1,790 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total transaction of $99,774.60. Following the transaction, the director owned 4,006 shares of the company’s stock, valued at approximately $223,294.44. This represents a 30.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Josh Silverman sold 86,666 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $57.46, for a total value of $4,979,828.36. Following the transaction, the insider owned 90,661 shares of the company’s stock, valued at $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 116,058 shares of company stock worth $6,576,362 over the last ninety days. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. Public Sector Pension Investment Board increased its stake in shares of Etsy by 21.2% during the third quarter. Public Sector Pension Investment Board now owns 430,824 shares of the company’s stock worth $28,602,000 after buying an additional 75,295 shares during the period. Allianz Asset Management GmbH lifted its stake in Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the company’s stock worth $46,916,000 after acquiring an additional 666,253 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in Etsy in the third quarter worth approximately $1,889,000. Lone Pine Capital LLC acquired a new position in Etsy during the 3rd quarter worth approximately $257,614,000. Finally, Arrowstreet Capital Limited Partnership increased 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 company’s stock valued at $185,197,000 after purchasing an additional 1,416,772 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.