Etsy (NASDAQ:ETSY) Downgraded by The Goldman Sachs Group to “Sell”

Etsy (NASDAQ:ETSY) was downgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “sell” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $45.00 price target on the specialty retailer’s stock, down from their prior price target of $70.00. The Goldman Sachs Group’s price target suggests a potential downside of 9.29% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Loop Capital cut their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Wolfe Research started coverage on Etsy in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Wedbush reissued a “neutral” rating and issued a $65.00 price target on shares of Etsy in a research report on Monday, July 22nd. Piper Sandler restated a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Finally, Wells Fargo & Company lowered their target price on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $70.00.

Etsy Price Performance

Shares of Etsy stock opened at $49.61 on Tuesday. The stock has a 50-day simple moving average of $53.67 and a 200-day simple moving average of $59.66. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The business had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. Etsy’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. As a group, equities research analysts predict that Etsy will post 2.38 earnings per share for the current year.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total value of $44,805.00. Following the transaction, the insider now directly owns 18,833 shares of the company’s stock, valued at approximately $1,125,083.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,619 shares of company stock valued at $300,670 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Several hedge funds have recently modified their holdings of ETSY. Sunbelt Securities Inc. grew its position in Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 536 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Etsy during the 2nd quarter worth about $42,000. Finally, Headlands Technologies LLC bought a new stake in Etsy during the 1st quarter worth about $59,000. Institutional investors and hedge funds own 99.53% 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.