Empowered Funds LLC Buys New Shares in Etsy Inc $ETSY

Key Points

• Empowered Funds LLC bought 47,100 Etsy shares during the second quarter, valued at approximately $3.55 million. Institutional investors collectively own 99.53% of Etsy’s outstanding stock.
• Etsy insiders have been net sellers recently, with executives selling 434,737 shares worth $33.6 million over the past three months; insiders own 2.5% of the company.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $84.68. Etsy recently traded near $81.97 after reporting revenue above estimates but quarterly EPS well below consensus.

Empowered Funds LLC bought a new position in shares of Etsy Inc (NYSE:ETSY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,100 shares of the company's stock, valued at approximately $3,548,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its position in Etsy by 19.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company's stock valued at $282,000 after buying an additional 961 shares in the last quarter. Woodline Partners LP bought a new position in Etsy in the first quarter worth approximately $2,181,000. Northwestern Mutual Wealth Management Co. grew its stake in Etsy by 33.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company's stock valued at $180,000 after acquiring an additional 906 shares during the period. M&T Bank Corp bought a new stake in shares of Etsy during the second quarter valued at approximately $232,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Etsy by 174.4% during the second quarter. EverSource Wealth Advisors LLC now owns 3,435 shares of the company's stock valued at $172,000 after acquiring an additional 2,183 shares in the last quarter. 99.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Charles Baker sold 1,564 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $85.88, for a total value of $134,316.32. Following the transaction, the chief financial officer owned 11,357 shares in the company, valued at approximately $975,339.16. This represents a 12.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 405 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $79.50, for a total value of $32,197.50. Following the transaction, the chief accounting officer directly owned 167 shares of the company's stock, valued at approximately $13,276.50. This trade represents a 70.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 434,737 shares of company stock worth $33,619,606 in the last three months. Insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ETSY. BTIG Research cut Etsy from a "buy" rating to a "neutral" rating in a report on Thursday, July 16th. Weiss Ratings downgraded Etsy from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. B. Riley Financial raised their target price on Etsy from $75.00 to $82.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Arete Research set a $76.00 price target on shares of Etsy and gave the stock a "buy" rating in a report on Wednesday, May 20th. Finally, Morgan Stanley raised shares of Etsy from an "underweight" rating to an "outperform" rating in a research report on Thursday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eighteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $84.68.

Etsy Stock Performance

ETSY opened at $81.97 on Wednesday. Etsy Inc has a fifty-two week low of $44.00 and a fifty-two week high of $87.97. The firm has a 50-day moving average of $81.15 and a 200 day moving average of $66.74. The firm has a market cap of $7.78 billion, a P/E ratio of 45.79, a PEG ratio of 3.93 and a beta of 1.81.

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

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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