Cibc World Market Inc. Acquires Shares of 23,584 Etsy Inc $ETSY

Key Points

• CIBC World Market acquired 23,584 Etsy shares worth approximately $1.78 million in the second quarter, while institutional investors collectively own 99.53% of the company.
• Analyst sentiment remains mixed: Etsy has a consensus “Hold” rating and an average price target of $84.68, although Bank of America upgraded the stock to “Buy” with a $95 target.
• Etsy shares opened at $82.90, near their 52-week high, despite the company missing quarterly EPS expectations and reporting a 0.7% year-over-year revenue decline. Insiders have sold approximately $43.9 million of stock over the past 90 days.

Cibc World Market Inc. bought a new stake in Etsy Inc (NYSE:ETSY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 23,584 shares of the company's stock, valued at approximately $1,777,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. OMERS ADMINISTRATION Corp bought a new stake in shares of Etsy in the second quarter worth $1,793,000. Sanctuary Advisors LLC acquired a new position in Etsy during the 2nd quarter worth $278,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Etsy in the 2nd quarter worth about $5,347,000. Bank of Nova Scotia bought a new stake in shares of Etsy in the 2nd quarter worth about $18,602,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Etsy in the 2nd quarter valued at about $690,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler lifted their price target on Etsy from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Weiss Ratings downgraded Etsy from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 6th. Bank of America raised Etsy from a "neutral" rating to a "buy" rating and increased their target price for the stock from $88.00 to $95.00 in a report on Thursday, August 20th. Arete Research set a $76.00 target price on Etsy and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Finally, Roth Capital began coverage on Etsy in a report on Thursday, May 21st. They issued a "buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Etsy presently has a consensus rating of "Hold" and a consensus price target of $84.68.

Etsy Price Performance

Shares of NYSE ETSY opened at $82.90 on Friday. Etsy Inc has a 1-year low of $44.00 and a 1-year high of $87.97. The business's fifty day moving average price is $80.64 and its two-hundred day moving average price is $66.10. The firm has a market capitalization of $7.87 billion, a PE ratio of 46.31, a P/E/G ratio of 3.95 and a beta of 1.84.

Etsy (NYSE:ETSY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The company had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the previous year, the business posted $0.25 earnings per share. The business's quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts expect that Etsy Inc will post 3.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Etsy news, insider Josh Silverman sold 6,294 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $84.00, for a total transaction of $528,696.00. Following the completion of the transaction, the insider directly owned 249,559 shares of the company's stock, valued at $20,962,956. The trade was a 2.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $82.09, for a total transaction of $677,406.68. Following the completion of the transaction, the insider owned 6,503 shares of the company's stock, valued at approximately $533,831.27. This trade represents a 55.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 584,967 shares of company stock worth $43,908,631. 2.50% of the stock is owned by company insiders.

Etsy 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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