Blueshift Asset Management LLC Takes Position in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Blueshift Asset Management LLC has acquired a new position in Etsy, purchasing 20,142 shares valued at approximately $950,000.
• Etsy's stock is currently down 6.0%, with a 52-week range of $40.05 to $68.45 and a market cap of $6.08 billion.
• Despite a revenue increase of 3.8% year-over-year, Etsy's latest quarterly earnings report showed an EPS of $0.25, falling short of the expected $0.54.

Blueshift Asset Management LLC acquired a new position in Etsy, Inc. (NASDAQ:ETSY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,142 shares of the specialty retailer's stock, valued at approximately $950,000.

Several other hedge funds have also bought and sold shares of ETSY. HighTower Advisors LLC acquired a new position in shares of Etsy during the 4th quarter worth approximately $218,000. Norges Bank acquired a new position in shares of Etsy during the 4th quarter worth approximately $74,235,000. CIBC Private Wealth Group LLC raised its stake in shares of Etsy by 2,298.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 52,444 shares of the specialty retailer's stock worth $2,802,000 after buying an additional 50,257 shares during the period. O Shaughnessy Asset Management LLC raised its stake in shares of Etsy by 83.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,455 shares of the specialty retailer's stock worth $447,000 after buying an additional 3,843 shares during the period. Finally, Headlands Technologies LLC raised its stake in shares of Etsy by 341.8% during the 4th quarter. Headlands Technologies LLC now owns 2,863 shares of the specialty retailer's stock worth $151,000 after buying an additional 2,215 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

Etsy Stock Performance

Shares of NASDAQ ETSY traded up $0.50 during mid-day trading on Friday, reaching $58.77. 4,639,839 shares of the company's stock were exchanged, compared to its average volume of 5,269,765. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 47.40, a PEG ratio of 3.18 and a beta of 1.73. Etsy, Inc. has a 52-week low of $40.05 and a 52-week high of $68.45. The company's 50-day moving average is $56.91 and its 200-day moving average is $51.44.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.29). The business had revenue of $672.66 million for the quarter, compared to analysts' expectations of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. As a group, equities analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Canaccord Genuity Group set a $76.00 target price on Etsy in a research note on Wednesday. Arete downgraded Etsy from a "neutral" rating to a "sell" rating and set a $43.00 target price for the company. in a research note on Wednesday, June 11th. Needham & Company LLC upped their target price on Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday. Piper Sandler reduced their price objective on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Finally, Sanford C. Bernstein increased their price objective on Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Etsy presently has an average rating of "Hold" and an average price target of $56.76.

Insider Transactions at Etsy

In related news, CEO Josh Silverman sold 151,666 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was 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 directly owned 107,809 shares in the company, valued at $6,218,423.12. This trade represents a 58.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $47.01, for a total value of $110,473.50. Following the transaction, the chief technology officer owned 2,896 shares of the company's stock, valued at $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 326,041 shares of company stock valued at $19,664,717. Insiders own 2.80% of the company's stock.

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.