Etsy (NASDAQ:ETSY) Trading 4.4% Higher on Analyst Upgrade

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s share price was up 4.4% on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. Approximately 2,701,135 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 4,183,405 shares. The stock had previously closed at $53.89.

A number of other equities analysts also recently issued reports on the company. Arete Research upgraded Etsy to a "strong sell" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group cut their target price on Etsy from $35.00 to $31.00 and set a "sell" rating on the stock in a research report on Thursday, May 1st. B. Riley reduced their price objective on shares of Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Cantor Fitzgerald boosted their price target 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, Bank of America decreased their price objective on shares of Etsy from $55.00 to $50.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $49.87.

Insider Activity

In other news, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $43.07, for a total value of $64,605.00. Following the sale, the insider now directly owns 33,322 shares in the company, valued at approximately $1,435,178.54. This trade represents a 4.31% 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 worth $11,234,192 in the last 90 days. Company insiders own 2.80% of the company's stock.

Institutional Trading of Etsy

Several institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its position in shares of Etsy by 1,066.3% during the 1st quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer's stock worth $454,000 after buying an additional 8,797 shares during the period. DJE Kapital AG bought a new stake in shares of Etsy in the 4th quarter worth about $983,000. Charles Schwab Investment Management Inc. boosted its position in Etsy by 12.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer's stock valued at $59,820,000 after buying an additional 122,126 shares in the last quarter. JBGlobal.com LLC grew its stake in Etsy by 68.2% during the first quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer's stock worth $606,000 after buying an additional 5,206 shares during the last quarter. Finally, Brooklyn FI LLC acquired a new stake in shares of Etsy during the fourth quarter worth approximately $5,229,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Price Performance

The business's 50 day moving average price is $49.30 and its 200-day moving average price is $51.22. The company has a market cap of $5.87 billion, a P/E ratio of 23.75, a PEG ratio of 2.57 and a beta of 1.80.

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

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