Van ECK Associates Corp Decreases Stake in Etsy Inc $ETSY

Key Points

• Van ECK Associates cut its Etsy stake by 95.7% in the second quarter, selling 3.57 million shares and retaining 162,238 shares valued at approximately $12.2 million. Institutional investors still own 99.53% of Etsy.
• Etsy’s latest quarterly results were mixed: revenue reached $668.3 million, exceeding estimates, but revenue declined 0.7% year over year and the company reported a $0.49 loss per share, missing expectations by $1.24.
• Etsy shares opened at $81.46, near the analyst consensus price target of $84.68. Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating despite several firms raising their price targets.

Van ECK Associates Corp cut its stake in shares of Etsy Inc (NYSE:ETSY - Free Report) by 95.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 162,238 shares of the company's stock after selling 3,574,390 shares during the quarter. Van ECK Associates Corp owned about 0.17% of Etsy worth $12,221,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. EFG International AG acquired a new position in Etsy during the fourth quarter worth about $33,000. Global Retirement Partners LLC acquired a new stake in shares of Etsy during the 2nd quarter valued at approximately $34,000. Blue Trust Inc. lifted its position in shares of Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company's stock valued at $62,000 after acquiring an additional 200 shares during the period. Danske Bank A S purchased a new stake in shares of Etsy during the 3rd quarter worth approximately $66,000. Finally, Federation des caisses Desjardins du Quebec boosted its stake in shares of Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company's stock worth $67,000 after acquiring an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company's stock.

Insider Activity

In related news, Director Frederick R. Wilson sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the sale, the director owned 441,329 shares in the company, valued at approximately $32,830,464.31. This trade represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of Etsy stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $82.09, for a total transaction of $677,406.68. Following the completion of the sale, the insider directly owned 6,503 shares of the company's stock, valued at $533,831.27. The trade was a 55.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 434,737 shares of company stock valued at $33,619,606 over the last 90 days. Insiders own 2.50% of the company's stock.

Etsy Trading Down 2.5%

Etsy stock opened at $81.46 on Tuesday. The stock has a market cap of $7.73 billion, a PE ratio of 45.51, a P/E/G ratio of 4.04 and a beta of 1.84. The stock has a 50-day moving average price of $81.01 and a 200 day moving average price of $66.50. Etsy Inc has a 52 week low of $44.00 and a 52 week high of $87.97.

Etsy (NYSE:ETSY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The firm had revenue of $668.31 million during the quarter, compared to analysts' expectations of $646.10 million. During the same quarter last year, the company posted $0.25 earnings per share. Etsy's revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts predict that Etsy Inc will post 3.94 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on ETSY. Raymond James Financial raised their price objective on Etsy from $75.00 to $92.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Wedbush began coverage on Etsy in a report on Thursday, July 16th. They issued a "neutral" rating and a $80.00 target price on the stock. Arete Research set a $76.00 price target on Etsy and gave the company a "buy" rating in a research report on Wednesday, May 20th. Guggenheim lifted their price target on Etsy from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Piper Sandler boosted their price objective on shares of Etsy from $70.00 to $80.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $84.68.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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