Etsy (NYSE:ETSY) Reaches New 1-Year High - Here's What Happened

Key Points

• Etsy shares reached a new 52-week high, trading around $89 after closing at $82.93, supported by strong recent price momentum.
• Analyst sentiment has improved, with several firms raising price targets or upgrading the stock; however, MarketBeat’s overall consensus remains “Hold” with an $86.21 target.
• Etsy’s latest quarter showed revenue of $668.3 million, beating estimates, but earnings missed expectations and revenue declined slightly year over year. Insiders sold more than 127,000 shares worth approximately $10.4 million during the last quarter.

Shares of Etsy Inc (NYSE:ETSY - Get Free Report) reached a new 52-week high on Thursday. The stock traded as high as $88.43 and last traded at $89.12, with a volume of 1,128,963 shares traded. The stock had previously closed at $82.93.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ETSY shares. Rosenblatt Securities began coverage on Etsy in a report on Thursday, August 20th. They set a "buy" rating and a $95.00 price objective for the company. Piper Sandler boosted their target price on Etsy from $70.00 to $80.00 and gave the company a "neutral" rating in a research note on Friday, August 7th. BTIG Research upgraded Etsy from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research note on Friday, September 18th. Sanford C. Bernstein raised Etsy from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 11th. Finally, Barclays raised their price target on shares of Etsy from $82.00 to $94.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $86.21.

Etsy Stock Performance

The company has a market cap of $8.54 billion, a P/E ratio of 50.24, a PEG ratio of 1.98 and a beta of 1.86. The company has a fifty day moving average price of $76.88 and a two-hundred day moving average price of $71.56.

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 the consensus estimate of $0.75 by ($1.24). Etsy had a negative return on equity of 34.18% and a net margin of 7.32%. The company had revenue of $668.31 million for the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the previous year, the company posted $0.25 EPS. The business's revenue was down .7% on a year-over-year basis. Research analysts anticipate that Etsy Inc will post 3.94 EPS for the current year.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,396 shares of Etsy stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $71.35, for a total transaction of $99,604.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Colburn, III sold 4,472 shares of the company's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $71.31, for a total transaction of $318,898.32. Following the sale, the insider directly owned 6,503 shares of the company's stock, valued at $463,728.93. This represents a 40.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 127,044 shares of company stock worth $10,418,029 in the last quarter. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. NorthCrest Asset Manangement LLC boosted its position in Etsy by 9.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 3,166 shares of the company's stock valued at $238,000 after buying an additional 269 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Etsy by 18.9% in the 3rd quarter. GAMMA Investing LLC now owns 4,518 shares of the company's stock valued at $323,000 after acquiring an additional 718 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Etsy by 57.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,844 shares of the company's stock valued at $346,000 after acquiring an additional 1,765 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Etsy by 10.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 4,584 shares of the company's stock valued at $345,000 after acquiring an additional 429 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its stake in shares of Etsy by 56.2% during the second quarter. Engineers Gate Manager LP now owns 77,568 shares of the company's stock valued at $5,843,000 after purchasing an additional 27,908 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

About Etsy

Etsy, Inc operates a global online marketplace focused on unique and creative goods. Its platform connects buyers with independent sellers offering handmade products, vintage items, craft supplies, personalized merchandise, home décor, jewelry, clothing, and other specialty goods.

The company generates revenue primarily through marketplace services, including seller listing and transaction fees, payment processing, advertising, and other seller-focused services. Etsy also provides tools intended to help independent merchants manage their shops, market products, process orders, and reach customers.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.

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