Etsy (NASDAQ:ETSY) Downgraded by Arete to "Sell"

Arete downgraded shares of Etsy (NASDAQ:ETSY - Free Report) from a neutral rating to a sell rating in a report released on Wednesday morning, MarketBeat.com reports. Arete currently has $43.00 price target on the specialty retailer's stock.

A number of other equities analysts have also recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Etsy from $40.00 to $38.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st. Bank of America reduced their price target on shares of Etsy from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Piper Sandler dropped their price objective on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Cantor Fitzgerald raised their price objective on shares of Etsy from $42.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Etsy from $42.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $50.17.

Etsy Trading Down 5.6%

Shares of ETSY traded down $3.30 during mid-day trading on Wednesday, hitting $55.99. 10,589,250 shares of the company traded hands, compared to its average volume of 4,168,723. Etsy has a one year low of $40.05 and a one year high of $66.81. The business has a 50-day moving average of $49.04 and a 200 day moving average of $51.24. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 2.57 and a beta of 1.80.

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

Insider Buying and Selling at Etsy

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $43.09, for a total transaction of $933,587.94. Following the completion of the sale, the chief executive officer now owns 53,484 shares of the company's stock, valued at $2,304,625.56. This represents a 28.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $48.24, for a total transaction 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. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,418 shares of company stock valued at $11,234,192 in the last three months. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Etsy

Several institutional investors and hedge funds have recently modified their holdings of ETSY. Empowered Funds LLC purchased a new stake in shares of Etsy in the 4th quarter worth about $329,000. Savant Capital LLC purchased a new position in Etsy during the 4th quarter valued at about $1,284,000. Van ECK Associates Corp lifted its position in Etsy by 17.4% during the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer's stock valued at $186,583,000 after acquiring an additional 522,111 shares during the period. Vontobel Holding Ltd. lifted its position in Etsy by 2.6% during the 4th quarter. Vontobel Holding Ltd. now owns 70,083 shares of the specialty retailer's stock valued at $3,707,000 after acquiring an additional 1,777 shares during the period. Finally, Banque Pictet & Cie SA lifted its position in Etsy by 0.4% during the 4th quarter. Banque Pictet & Cie SA now owns 137,790 shares of the specialty retailer's stock valued at $7,288,000 after acquiring an additional 497 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.