Graham Capital Management L.P. Purchases Shares of 21,992 Etsy, Inc. $ETSY

Key Points

• Graham Capital Management L.P. has acquired a new position in Etsy, purchasing 21,992 shares valued at approximately $1,038,000 during the first quarter.
• Etsy's recent quarterly earnings showed a **missed EPS** estimate of $0.54, with reported earnings of only $0.25, despite revenue exceeding expectations at $672.66 million.
• Multiple analysts have issued revised price targets for Etsy, with ratings ranging from "buy" to "sell," and an average target price set at **$57.80**.

Graham Capital Management L.P. acquired a new stake in Etsy, Inc. (NASDAQ:ETSY - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 21,992 shares of the specialty retailer's stock, valued at approximately $1,038,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC raised its position in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after buying an additional 292 shares during the last quarter. SVB Wealth LLC purchased a new position in Etsy in the 1st quarter worth about $36,000. Allworth Financial LP lifted its holdings in Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 248 shares during the last quarter. Brooklyn Investment Group increased its position in shares of Etsy by 842.2% during the first quarter. Brooklyn Investment Group now owns 782 shares of the specialty retailer's stock valued at $37,000 after purchasing an additional 699 shares during the period. Finally, Olde Wealth Management LLC acquired a new position in shares of Etsy during the first quarter valued at $70,000. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Stock Up 7.9%

NASDAQ:ETSY traded up $4.25 during mid-day trading on Monday, hitting $58.31. 7,106,446 shares of the stock traded hands, compared to its average volume of 4,905,292. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 46.98, a PEG ratio of 3.44 and a beta of 1.77. Etsy, Inc. has a 52 week low of $40.05 and a 52 week high of $70.57. The firm's 50 day moving average is $58.48 and its two-hundred day moving average is $52.31.

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

Analyst Ratings Changes

ETSY has been the subject of a number of recent research reports. UBS Group reaffirmed a "neutral" rating and issued a $67.00 target price on shares of Etsy in a report on Thursday, July 31st. Arete Research raised Etsy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 7th. Sanford C. Bernstein upped their target price on Etsy from $45.00 to $50.00 and gave the company a "market perform" rating in a research report on Thursday, July 17th. Needham & Company LLC raised their price target on shares of Etsy from $55.00 to $72.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Etsy from $40.00 to $47.00 and gave the company a "hold" rating in a research note on Tuesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $57.80.

Insider Activity at Etsy

In other news, Director M Michele Burns sold 14,464 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $62.82, for a total value of $908,628.48. Following the transaction, the director directly owned 19,964 shares in the company, valued at $1,254,138.48. This trade represents a 42.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Marla J. Blow sold 450 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $67.46, for a total value of $30,357.00. Following the sale, the director owned 9,491 shares of the company's stock, valued at approximately $640,262.86. This represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 251,482 shares of company stock valued at $15,393,191 over the last 90 days. 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.