Etsy (NASDAQ:ETSY) Downgraded by Loop Capital to “Sell”

Etsy (NASDAQ:ETSY) was downgraded by research analysts at Loop Capital from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, Briefing.com reports. They currently have a $50.00 target price on the specialty retailer’s stock, down from their previous target price of $70.00. Loop Capital’s price target would suggest a potential downside of 28.31% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Wedbush lowered their target price on shares of Etsy from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. BTIG Research reduced their target price on Etsy from $90.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Piper Sandler raised their price target on Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, February 22nd. Wells Fargo & Company reduced their price objective on Etsy from $62.00 to $60.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Finally, UBS Group lowered their target price on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $83.21.

Etsy Price Performance

Etsy stock opened at $69.74 on Thursday. The stock’s fifty day moving average is $68.42 and its two-hundred day moving average is $71.66. The stock has a market cap of $8.16 billion, a PE ratio of 31.13, a P/E/G ratio of 4.81 and a beta of 2.00. Etsy has a 1-year low of $58.20 and a 1-year high of $102.81.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. The business had revenue of $842.32 million for the quarter, compared to analyst estimates of $827.40 million. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. On average, research analysts expect that Etsy will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $71.82, for a total transaction of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares in the company, valued at $943,571.16. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. CVA Family Office LLC acquired a new position in Etsy in the fourth quarter valued at $27,000. Operose Advisors LLC purchased a new stake in Etsy in the 3rd quarter valued at about $28,000. Sunbelt Securities Inc. increased its stake in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after acquiring an additional 358 shares during the period. Finally, Tompkins Financial Corp purchased a new stake in Etsy in the fourth quarter valued at approximately $41,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.