Etsy, Inc. $ETSY Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP has reduced its stake in Etsy, Inc. by 12.7%, now holding 117,239 shares valued at approximately $5.5 million.
• Etsy reported a quarterly EPS of $0.25, missing estimates significantly, as revenue rose 3.8% year-over-year to $672.66 million despite the earnings miss.
• Insiders have sold a total of 251,482 shares of Etsy stock valued at over $15 million in the past three months, including significant sales by CEO Josh Silverman.

Invenomic Capital Management LP cut its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 12.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,239 shares of the specialty retailer's stock after selling 17,118 shares during the period. Invenomic Capital Management LP owned about 0.11% of Etsy worth $5,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its position in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock valued at $29,000 after purchasing an additional 292 shares during the period. Allworth Financial LP lifted its position in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after purchasing an additional 248 shares during the period. SVB Wealth LLC acquired a new position in Etsy during the first quarter valued at $36,000. Brooklyn Investment Group lifted its position in 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 purchased a new position in Etsy in the first quarter valued at $70,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Price Performance

ETSY traded up $2.89 on Thursday, reaching $60.71. 4,198,448 shares of the company's stock were exchanged, compared to its average volume of 4,940,226. The stock has a market cap of $6.02 billion, a PE ratio of 49.05, a P/E/G ratio of 3.57 and a beta of 1.77. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57. The stock's fifty day moving average price is $58.83 and its 200-day moving average price is $52.42.

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 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 analyst estimates 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 was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. As a group, research analysts predict that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on ETSY. UBS Group reaffirmed a "neutral" rating and issued a $67.00 price objective on shares of Etsy in a report on Thursday, July 31st. Barclays reissued a "positive" rating and set a $60.00 target price (up previously from $52.00) on shares of Etsy in a research note on Thursday, July 31st. Morgan Stanley boosted their target price on shares of Etsy from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Stifel Nicolaus boosted their target price on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company boosted their target price on shares of Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Eight 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 presently has a consensus rating of "Hold" and a consensus target price of $57.80.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 5,817 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $58.83, for a total value of $342,214.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director M Michele Burns sold 14,464 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the transaction, the director owned 19,964 shares in the company, valued at $1,254,138.48. The trade was a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 316,482 shares of company stock worth $19,130,691 over the last ninety days. 2.80% of the stock is currently owned by insiders.

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.