Etsy, Inc. $ETSY Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. drastically reduced its stake in Etsy, Inc. by 87.5%, selling over 2.18 million shares, which leaves the firm with approximately 311,636 shares valued at $14.7 million.
• Etsy's CEO, Josh Silverman, sold 151,666 shares worth nearly $8.75 million, representing a 58.45% decrease in his ownership in the company.
• The company's recent quarterly earnings reported a net margin of 5.78% and earnings per share of $0.25, missing the consensus estimate of $0.54.

Invesco Ltd. trimmed its holdings in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 87.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 311,636 shares of the specialty retailer's stock after selling 2,183,473 shares during the period. Invesco Ltd. owned approximately 0.30% of Etsy worth $14,703,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ETSY. Connor Clark & Lunn Investment Management Ltd. raised its stake in Etsy by 140.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 711,454 shares of the specialty retailer's stock worth $33,566,000 after buying an additional 415,942 shares during the period. Bristlecone Advisors LLC raised its holdings in Etsy by 15.0% during the first quarter. Bristlecone Advisors LLC now owns 24,723 shares of the specialty retailer's stock worth $1,166,000 after buying an additional 3,234 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Etsy by 8,050,000.0% in the first quarter. National Bank of Canada FI now owns 161,002 shares of the specialty retailer's stock valued at $7,596,000 after buying an additional 161,000 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in Etsy during the 1st quarter worth approximately $226,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Etsy by 4.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,184,851 shares of the specialty retailer's stock worth $55,901,000 after buying an additional 53,831 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ETSY shares. Evercore ISI reduced their price objective on shares of Etsy from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Canaccord Genuity Group set a $76.00 price target on Etsy in a research report on Wednesday, July 30th. Truist Financial lifted their price target on Etsy from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Raymond James Financial raised their price objective on shares of Etsy from $50.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Finally, Citizens Jmp raised shares of Etsy to a "hold" rating in a research report on Thursday, July 10th. Eight investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $57.80.

Insider Activity at Etsy

In related news, insider Goyal Kruti Patel sold 11,944 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total transaction of $708,398.64. Following the completion of the transaction, the insider directly owned 47,529 shares in the company, valued at approximately $2,818,944.99. The trade was a 20.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 5,817 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $58.83, for a total value of $342,214.11. The disclosure for this sale can be found here. Insiders sold a total of 381,482 shares of company stock worth $23,033,829 in the last quarter. 2.80% of the stock is currently owned by insiders.

Etsy Price Performance

NASDAQ ETSY traded down $1.58 on Wednesday, reaching $54.64. 2,394,953 shares of the company's stock traded hands, compared to its average volume of 4,869,005. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $70.57. The stock has a 50-day simple moving average of $58.56 and a 200 day simple moving average of $52.40. The stock has a market cap of $5.42 billion, a PE ratio of 44.06, a P/E/G ratio of 3.66 and a beta of 1.73.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its 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). The firm had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The firm's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 EPS. As a group, analysts anticipate that Etsy, Inc. will post 2.57 EPS 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.