Royce & Associates LP Has $390,000 Position in Etsy, Inc. (NASDAQ:ETSY)

Key Points

• Royce & Associates LP significantly reduced its stake in Etsy by 89.5%, selling 70,265 shares to hold 8,266 shares valued at approximately $390,000 by the end of the first quarter.
• CEO Josh Silverman sold 151,666 shares in a transaction valued at about $8.75 million, resulting in a 58.45% decrease in his ownership position.
• Analysts have mixed opinions on Etsy, with price targets ranging from $48.00 to $70.00, reflecting diverse ratings across financial firms.

Royce & Associates LP trimmed its holdings in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 89.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,266 shares of the specialty retailer's stock after selling 70,265 shares during the period. Royce & Associates LP's holdings in Etsy were worth $390,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ETSY. Norges Bank purchased a new position in Etsy in the fourth quarter worth approximately $74,235,000. Assenagon Asset Management S.A. grew its position in Etsy by 36.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after acquiring an additional 535,864 shares during the period. Victory Capital Management Inc. boosted its position in shares of Etsy by 53.7% during the first quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock worth $58,923,000 after buying an additional 436,231 shares during the period. AQR Capital Management LLC boosted its position in shares of Etsy by 89.1% during the fourth quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer's stock worth $47,042,000 after buying an additional 419,038 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Etsy during the fourth quarter worth $19,412,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on ETSY. UBS Group restated a "neutral" rating and set a $67.00 price target on shares of Etsy in a research report on Thursday. Arete Research upgraded Etsy to a "strong sell" rating in a research report on Wednesday, June 11th. Piper Sandler lowered their price target on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Morgan Stanley raised their price target on Etsy from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, Canaccord Genuity Group set a $76.00 target price on Etsy in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Etsy currently has a consensus rating of "Hold" and a consensus price target of $56.76.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the transaction, the chief executive officer directly owned 107,809 shares in the company, valued at approximately $6,218,423.12. The trade was a 58.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Richard Edward Colburn III sold 2,350 shares of Etsy stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $47.01, for a total transaction of $110,473.50. Following the transaction, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. The trade was a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,132 shares of company stock worth $19,257,846. Corporate insiders own 2.80% of the company's stock.

Etsy Stock Down 6.0%

Etsy stock traded down $3.71 during mid-day trading on Thursday, hitting $58.27. The company's stock had a trading volume of 9,793,807 shares, compared to its average volume of 4,995,372. The stock has a market capitalization of $6.08 billion, a P/E ratio of 46.99, a P/E/G ratio of 3.36 and a beta of 1.74. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $68.45. The stock's fifty day moving average price is $56.68 and its two-hundred day moving average price is $51.42.

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

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.