Etsy, Inc. (NASDAQ:ETSY) Sees Significant Increase in Short Interest

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 23,040,000 shares, a growth of 20.1% from the April 30th total of 19,190,000 shares. Approximately 22.4% of the company's shares are sold short. Based on an average daily volume of 4,610,000 shares, the days-to-cover ratio is currently 5.0 days.

Insider Buying and Selling

In other news, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the transaction, the chief executive officer now owns 107,809 shares of the company's stock, valued at approximately $6,218,423.12. This represents a 58.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $48.24, for a total value of $72,360.00. Following the sale, the insider now directly owns 34,822 shares of the company's stock, valued at $1,679,813.28. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,418 shares of company stock valued at $11,234,192 in the last ninety days. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently made changes to their positions in ETSY. Lecap Asset Management Ltd. increased its position in shares of Etsy by 193.5% during the fourth quarter. Lecap Asset Management Ltd. now owns 52,424 shares of the specialty retailer's stock worth $2,773,000 after purchasing an additional 34,565 shares in the last quarter. American Capital Advisory LLC grew its holdings in shares of Etsy by 1,204,900.0% during the fourth quarter. American Capital Advisory LLC now owns 12,050 shares of the specialty retailer's stock worth $637,000 after buying an additional 12,049 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Etsy during the fourth quarter worth $329,000. Savant Capital LLC acquired a new stake in shares of Etsy in the fourth quarter valued at about $1,284,000. Finally, Bristlecone Advisors LLC lifted its stake in shares of Etsy by 164.7% in the fourth quarter. Bristlecone Advisors LLC now owns 21,489 shares of the specialty retailer's stock worth $1,137,000 after buying an additional 13,370 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on ETSY shares. JPMorgan Chase & Co. raised their price target on shares of Etsy from $42.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday. Cantor Fitzgerald raised their target price on shares of Etsy from $42.00 to $47.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Wells Fargo & Company decreased their price target on shares of Etsy from $46.00 to $40.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Citigroup dropped their price objective on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Finally, B. Riley decreased their target price on Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $50.50.

Etsy Trading Up 1.7%

NASDAQ:ETSY traded up $1.09 during trading hours on Friday, reaching $63.81. 6,148,791 shares of the company were exchanged, compared to its average volume of 4,061,574. The firm has a market cap of $6.65 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 2.57 and a beta of 1.78. Etsy has a twelve month low of $40.05 and a twelve month high of $66.90. The stock's 50-day moving average is $47.57 and its 200-day moving average is $51.02.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm's revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the company earned $0.48 EPS. As a group, research analysts anticipate that Etsy will post 2.57 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.