Granite Point Capital Management L.P. Buys 4,000 Shares of Etsy, Inc. (NASDAQ:ETSY)

Granite Point Capital Management L.P. grew its stake in shares of Etsy, Inc. (NASDAQ:ETSY – Get Rating) by 133.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,000 shares of the specialty retailer’s stock after acquiring an additional 4,000 shares during the quarter. Granite Point Capital Management L.P.’s holdings in Etsy were worth $701,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ETSY. Clearstead Advisors LLC lifted its stake in shares of Etsy by 22.1% in the 2nd quarter. Clearstead Advisors LLC now owns 524 shares of the specialty retailer’s stock worth $38,000 after purchasing an additional 95 shares during the period. Motley Fool Asset Management LLC lifted its stake in shares of Etsy by 3.5% during the 2nd quarter. Motley Fool Asset Management LLC now owns 2,913 shares of the specialty retailer’s stock valued at $257,000 after buying an additional 99 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Etsy by 1.2% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,260 shares of the specialty retailer’s stock worth $927,000 after buying an additional 109 shares in the last quarter. Hartford Investment Management Co. boosted its stake in shares of Etsy by 0.9% in the second quarter. Hartford Investment Management Co. now owns 12,071 shares of the specialty retailer’s stock worth $884,000 after acquiring an additional 111 shares during the period. Finally, Seneca House Advisors lifted its holdings in shares of Etsy by 2.7% in the third quarter. Seneca House Advisors now owns 4,488 shares of the specialty retailer’s stock worth $449,000 after buying an additional 117 shares in the last quarter. 95.46% of the stock is owned by hedge funds and other institutional investors.

Etsy Stock Performance

NASDAQ ETSY opened at $136.68 on Wednesday. The stock has a fifty day simple moving average of $126.65 and a 200-day simple moving average of $111.51. The stock has a market cap of $17.18 billion, a PE ratio of -25.31, a P/E/G ratio of 5.97 and a beta of 1.80. Etsy, Inc. has a twelve month low of $67.01 and a twelve month high of $163.84. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 4.10.

Etsy (NASDAQ:ETSY – Get Rating) last released its earnings results on Wednesday, November 2nd. The specialty retailer reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.21. The company had revenue of $594.47 million for the quarter, compared to analyst estimates of $560.19 million. Etsy had a negative net margin of 25.94% and a positive return on equity of 123.01%. Equities analysts anticipate that Etsy, Inc. will post -5.26 earnings per share for the current year.

Wall Street Analyst Weigh In

ETSY has been the topic of a number of research analyst reports. StockNews.com upgraded Etsy from a “sell” rating to a “hold” rating in a research report on Thursday, January 5th. Bank of America raised their target price on shares of Etsy from $110.00 to $145.00 in a report on Tuesday, December 6th. Wolfe Research assumed coverage on shares of Etsy in a research note on Thursday, January 5th. They set a “peer perform” rating on the stock. BTIG Research upped their target price on shares of Etsy from $119.00 to $137.00 in a research report on Thursday, December 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Etsy from $85.00 to $95.00 in a research report on Thursday, November 3rd. Eleven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $121.04.

Insider Buying and Selling at Etsy

In other news, CMO Ryan M. Scott sold 1,237 shares of the business’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $133.00, for a total transaction of $164,521.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Etsy news, CEO Josh Silverman sold 20,850 shares of Etsy stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $132.51, for a total transaction of $2,762,833.50. Following the completion of the sale, the chief executive officer now directly owns 107,305 shares of the company’s stock, valued at approximately $14,218,985.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Ryan M. Scott sold 1,237 shares of the stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $133.00, for a total value of $164,521.00. The disclosure for this sale can be found here. Insiders have sold 238,382 shares of company stock valued at $27,362,911 in the last quarter. Corporate insiders own 3.10% of the company’s stock.

Etsy Profile

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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.