Pallas Capital Advisors LLC Sells 5,997 Shares of Etsy, Inc. $ETSY

Key Points

• Pallas Capital Advisors LLC has reduced its stake in Etsy, Inc. by 17.4%, selling 5,997 shares and holding a total of 28,433 shares worth approximately $1.426 million.
• Etsy reported a loss in earnings per share for the last quarter, with $0.25 EPS compared to the forecast of $0.54, although revenues surpassed expectations at $672.66 million.
• Several analysts have a mixed outlook on Etsy, with price target upgrades from Truist Financial and Needham & Company, reflecting a consensus hold rating and an average target price of $57.80.

Pallas Capital Advisors LLC lowered its position in Etsy, Inc. (NASDAQ:ETSY - Free Report) by 17.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 28,433 shares of the specialty retailer's stock after selling 5,997 shares during the period. Pallas Capital Advisors LLC's holdings in Etsy were worth $1,426,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ETSY. AQR Capital Management LLC raised its stake in Etsy by 423.7% during the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock worth $218,890,000 after buying an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Etsy by 112.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock worth $132,273,000 after acquiring an additional 1,486,142 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Etsy by 36.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock valued at $95,599,000 after purchasing an additional 535,864 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Etsy by 53.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,248,902 shares of the specialty retailer's stock valued at $58,923,000 after purchasing an additional 436,231 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of 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 valued at $33,566,000 after purchasing an additional 415,942 shares in the last quarter. Institutional investors own 99.53% of the company's stock.

Etsy Trading Up 7.0%

Shares of Etsy stock opened at $64.85 on Friday. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $70.57. The firm has a market capitalization of $6.43 billion, a P/E ratio of 52.30, a price-to-earnings-growth ratio of 3.86 and a beta of 1.77. The business's fifty day simple moving average is $59.49 and its 200 day simple moving average is $52.78.

Etsy (NASDAQ:ETSY - Get Free Report) last announced 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 business had revenue of $672.66 million for the quarter, compared to analysts' expectations of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 earnings per share. Analysts predict that Etsy, Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ETSY shares. UBS Group reissued a "neutral" rating and issued a $67.00 price target on shares of Etsy in a research note on Thursday, July 31st. Truist Financial raised their price target on shares of Etsy from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Needham & Company LLC raised their price target on shares of Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Arete Research raised shares of Etsy from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 7th. Finally, Arete raised shares of Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective on the stock in a research report on Thursday, August 7th. Eight investment 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $57.80.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 5,817 shares of Etsy stock in a transaction that occurred on 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 legal filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the director directly owned 19,964 shares of the company's stock, valued at $1,254,138.48. This represents a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 316,482 shares of company stock valued at $19,130,691. Corporate insiders own 2.80% of the company's stock.

About Etsy

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.

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