Etsy (NYSE:ETSY) Reaches New 1-Year High - Here's Why

Key Points

• Etsy shares hit a new 52-week high, trading as high as $80.66 and finishing around $81.08, after rising 4.3% on the session.
• Recent analyst activity has been mixed but generally supportive, with upgrades and higher price targets from firms like Citigroup, Bank of America, and Zacks Research. Still, the stock’s overall consensus rating remains Hold, with an average target price of $71.80.
• There has been notable insider selling in the last few months, including sales by CEO Josh Silverman and director Frederick R. Wilson, while institutional ownership remains very high at 99.53%.

Etsy Inc (NYSE:ETSY - Get Free Report) shares reached a new 52-week high on Friday . The company traded as high as $80.66 and last traded at $81.0770, with a volume of 1530310 shares changing hands. The stock had previously closed at $77.72.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ETSY. Raymond James Financial lowered shares of Etsy from an "outperform" rating to an "outperform" rating in a research note on Thursday, May 21st. Citigroup started coverage on Etsy in a report on Thursday, May 21st. They issued an "outperform" rating for the company. Sanford C. Bernstein increased their price target on Etsy from $60.00 to $65.00 and gave the stock a "market perform" rating in a research report on Thursday, April 30th. Bank of America raised their price objective on Etsy from $72.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, May 28th. Finally, Zacks Research upgraded Etsy from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $71.80.

Etsy Trading Up 4.3%

The company has a fifty day moving average of $68.57 and a 200-day moving average of $60.08. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 3.21 and a beta of 1.83.

Insider Transactions at Etsy

In related news, insider Josh Silverman sold 92,404 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $74.93, for a total value of $6,923,831.72. Following the completion of the transaction, the insider directly owned 139,884 shares of the company's stock, valued at approximately $10,481,508.12. This represents a 39.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Frederick R. Wilson sold 20,000 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total value of $1,487,800.00. Following the completion of the transaction, the director owned 441,329 shares in the company, valued at $32,830,464.31. The trade was a 4.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 744,447 shares of company stock valued at $52,139,342. Insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently bought and sold shares of ETSY. Handelsbanken Fonder AB increased its holdings in Etsy by 11.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 34,700 shares of the company's stock valued at $2,614,000 after purchasing an additional 3,500 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new position in Etsy during the second quarter worth $492,000. Assenagon Asset Management S.A. lifted its stake in Etsy by 48.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company's stock worth $121,532,000 after purchasing an additional 523,092 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Etsy by 24.6% during the second quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $286,000 after buying an additional 750 shares during the period. Finally, CoreCap Advisors LLC boosted its position in shares of Etsy by 2,379.1% during the second quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock worth $80,000 after buying an additional 1,023 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.

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