Etsy (NASDAQ:ETSY) Price Target Cut to $58.00

Etsy (NASDAQ:ETSY) had its target price dropped by equities research analysts at Wedbush from $65.00 to $58.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s target price indicates a potential upside of 16.30% from the company’s current price.

A number of other research analysts have also recently issued reports on ETSY. Truist Financial reaffirmed a “buy” rating and issued a $76.00 price target on shares of Etsy in a report on Tuesday, September 24th. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Loop Capital decreased their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Finally, UBS Group decreased their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $69.05.

Etsy Stock Performance

NASDAQ:ETSY traded down $1.90 during midday trading on Tuesday, reaching $49.87. 798,598 shares of the stock traded hands, compared to its average volume of 3,723,329. Etsy has a 12-month low of $48.07 and a 12-month high of $89.58. The business has a 50-day moving average of $53.43 and a two-hundred day moving average of $59.15. The stock has a market capitalization of $5.83 billion, a PE ratio of 22.77, a price-to-earnings-growth 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 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The firm had revenue of $647.80 million for the quarter, compared to analysts’ expectations of $629.87 million. During the same period in the previous year, the company earned $0.83 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Research analysts anticipate that Etsy will post 2.38 earnings per share for the current year.

Insider Activity at Etsy

In related news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,619 shares of company stock worth $300,670. 2.60% of the stock is owned by company insiders.

Institutional Trading of Etsy

Institutional investors have recently modified their holdings of the stock. MCF Advisors LLC grew its position in shares of Etsy by 23,542.9% in the first quarter. MCF Advisors LLC now owns 3,310 shares of the specialty retailer’s stock valued at $227,000 after purchasing an additional 3,296 shares during the period. TD Asset Management Inc lifted its stake in shares of Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock worth $105,861,000 after buying an additional 221,275 shares in the last quarter. Diversified Trust Co lifted its stake in shares of Etsy by 11.5% in the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after buying an additional 668 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Etsy by 12.6% in the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock worth $10,093,000 after buying an additional 16,458 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Etsy by 184.3% in the first quarter. SG Americas Securities LLC now owns 56,107 shares of the specialty retailer’s stock worth $3,856,000 after buying an additional 36,372 shares in the last quarter. 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.