Etsy’s (ETSY) Market Perform Rating Reiterated at JMP Securities

JMP Securities restated their market perform rating on shares of Etsy (NASDAQ:ETSY) in a research report sent to investors on Monday morning,Benzinga reports.

Several other research firms have also commented on ETSY. Truist Financial reduced their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Raymond James dropped their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Moffett Nathanson boosted their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and lowered their target price for the company from $70.00 to $45.00 in a research note on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $63.17.

Etsy Stock Down 7.1 %

Shares of ETSY stock opened at $56.64 on Monday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The firm’s 50 day moving average price is $53.36 and its two-hundred day moving average price is $55.97. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 28.90, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. During the same period last year, the company posted $0.64 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Etsy will post 2.25 EPS for the current fiscal year.

Etsy declared that its board has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the transaction, the insider now directly owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,069 shares of company stock worth $261,888. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Blue Trust Inc. grew its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares in the last quarter. UMB Bank n.a. boosted its holdings 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 acquiring an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy during the second quarter valued at approximately $42,000. Capital Performance Advisors LLP bought a new stake in Etsy during the third quarter worth approximately $43,000. Finally, Prospera Private Wealth LLC acquired a new stake in Etsy in the third quarter worth approximately $59,000. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy Company Profile

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.