Neo Ivy Capital Management Invests $3.33 Million in Etsy, Inc. (NASDAQ:ETSY)

Neo Ivy Capital Management bought a new position in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 63,042 shares of the specialty retailer's stock, valued at approximately $3,334,000. Neo Ivy Capital Management owned 0.06% of Etsy at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Merit Financial Group LLC purchased a new stake in shares of Etsy during the 4th quarter valued at $204,000. Geneos Wealth Management Inc. boosted its holdings in Etsy by 1,298.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 3,931 shares of the specialty retailer's stock valued at $208,000 after acquiring an additional 3,650 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Etsy by 74.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 447,128 shares of the specialty retailer's stock valued at $23,649,000 after acquiring an additional 190,294 shares during the period. Gagnon Securities LLC grew its position in Etsy by 7.9% during the fourth quarter. Gagnon Securities LLC now owns 5,148 shares of the specialty retailer's stock valued at $272,000 after acquiring an additional 376 shares during the period. Finally, DAVENPORT & Co LLC increased its stake in Etsy by 12.1% during the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer's stock worth $92,452,000 after acquiring an additional 188,386 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $43.07, for a total value of $64,605.00. Following the completion of the transaction, the insider now owns 33,322 shares in the company, valued at approximately $1,435,178.54. This represents a 4.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the transaction, the chief technology officer now owns 2,896 shares of the company's stock, valued at approximately $136,140.96. This represents a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 53,752 shares of company stock valued at $2,473,662 over the last quarter. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ETSY shares. Barclays decreased their target price on Etsy from $55.00 to $53.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Piper Sandler reduced their price target on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. B. Riley dropped 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. Wells Fargo & Company reduced their target price on shares of Etsy from $46.00 to $40.00 and set an "underweight" rating on the stock in a report on Thursday, May 1st. Finally, The Goldman Sachs Group decreased their price target on shares of Etsy from $35.00 to $31.00 and set a "sell" 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 assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $50.14.

Etsy Price Performance

Shares of ETSY stock traded up $1.03 on Wednesday, hitting $51.51. 2,204,965 shares of the stock traded hands, compared to its average volume of 3,922,952. The company's fifty day moving average is $45.74 and its 200 day moving average is $50.66. Etsy, Inc. has a 1-year low of $40.05 and a 1-year high of $66.93. The company has a market capitalization of $5.37 billion, a PE ratio of 21.72, a PEG ratio of 2.57 and a beta of 1.78.

Etsy (NASDAQ:ETSY - Get Free Report) last issued 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). Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. During the same period last year, the company posted $0.48 earnings per share. The firm's revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts expect 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.