Etsy's (ETSY) Neutral Rating Reaffirmed at Wedbush

Key Points

• Wedbush reaffirmed a neutral rating on Etsy and kept its $80 price target, implying about 6.7% downside from the prior close.
• Broader analyst sentiment remains mixed: MarketBeat shows Etsy with a consensus Hold rating and an average price target of $73.64, while recent firms have ranged from buy to neutral opinions.
• Etsy shares have been strong recently, opening at $85.78 and trading near a new 52-week high, even as insider selling and a pre-arranged share sale by CEO Josh Silverman may weigh on sentiment.

Etsy (NYSE:ETSY - Get Free Report)'s stock had its "neutral" rating reissued by stock analysts at Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $80.00 target price on the stock. Wedbush's price target suggests a potential downside of 6.74% from the company's previous close.

Several other equities research analysts have also commented on ETSY. UBS Group upgraded Etsy from a "neutral" rating to a "neutral" rating in a research report on Thursday, May 21st. Susquehanna lowered Etsy to a "neutral" rating in a research note on Thursday, May 21st. Truist Financial increased their price target on Etsy from $83.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Bank of America raised their price objective on shares of Etsy from $72.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, May 28th. Finally, Guggenheim assumed coverage on shares of Etsy in a research report on Thursday, May 21st. They set a "buy" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Etsy currently has a consensus rating of "Hold" and an average price target of $73.64.

Etsy Stock Up 3.3%

ETSY opened at $85.78 on Thursday. Etsy has a twelve month low of $44.00 and a twelve month high of $87.14. The company has a fifty day moving average of $69.95 and a 200-day moving average of $60.84. The stock has a market cap of $8.14 billion, a PE ratio of 35.74, a price-to-earnings-growth ratio of 3.46 and a beta of 1.83.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.89, for a total value of $9,281,549.70. Following the transaction, the insider directly owned 130,694 shares in the company, valued at $9,003,509.66. This trade represents a 50.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 759,312 shares of company stock worth $53,799,597 over the last quarter. 2.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its position in shares of Etsy by 10.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company's stock valued at $88,000 after purchasing an additional 158 shares during the last quarter. Alamea Verwaltungs GmbH raised its holdings in Etsy by 2.3% in the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company's stock worth $370,000 after purchasing an additional 169 shares during the period. PNC Financial Services Group Inc. lifted its position in Etsy by 2.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company's stock valued at $419,000 after purchasing an additional 180 shares in the last quarter. Blue Trust Inc. grew its holdings in Etsy by 19.3% during the first quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after purchasing an additional 200 shares during the period. Finally, GAMMA Investing LLC increased its position in Etsy by 6.6% in the fourth quarter. GAMMA Investing LLC now owns 3,333 shares of the company's stock worth $185,000 after buying an additional 205 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: JPMorgan Chase & Co. raised its price target on Etsy to $85 from $78, signaling continued confidence in the stock’s valuation even while keeping a neutral rating. Etsy NYSE: ETSY Price Target Raised to $85.00 at JPMorgan Chase & Co.
• Positive Sentiment: Jefferies issued a positive outlook and increased its price target to $80, suggesting analysts see room for Etsy’s business performance to hold up. Jefferies Financial Group Issues Positive Forecast for Etsy NYSE: ETSY Stock Price
• Positive Sentiment: Etsy shares reached a new 1-year high after the analyst upgrade, reflecting strong recent momentum in the stock. Etsy NYSE: ETSY Reaches New 1-Year High Following Analyst Upgrade
• Neutral Sentiment: JPMorgan’s target increase to $85 is essentially in line with the current share price, which may limit how much further near-term upside analysts are implying. Etsy price target raised by JPMorgan
• Negative Sentiment: Josh Silverman sold 39,161 Etsy shares in a pre-arranged transaction, which can weigh on sentiment because it adds to concerns about insider confidence. Josh Silverman Sells 39,161 Shares of Etsy NYSE: ETSY Stock
• Negative Sentiment: Zacks Research downgraded Etsy from “strong-buy” to “hold,” a negative signal that may cap enthusiasm after the stock’s strong run. Etsy downgraded by Zacks Research

About Etsy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.