Van ECK Associates Corp Boosts Stake in Etsy, Inc. (NASDAQ:ETSY)

Van ECK Associates Corp grew its holdings in Etsy, Inc. (NASDAQ:ETSY) by 17.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,527,742 shares of the specialty retailer’s stock after acquiring an additional 522,111 shares during the period. Van ECK Associates Corp’s holdings in Etsy were worth $186,583,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Etsy by 112.3% during 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 during the period. Capital Performance Advisors LLP bought a new position in shares of Etsy during the third quarter valued at approximately $43,000. Versant Capital Management Inc raised its holdings in shares of Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after buying an additional 499 shares during the period. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Etsy in the third quarter worth approximately $59,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

Etsy Stock Performance

Shares of ETSY opened at $52.79 on Thursday. Etsy, Inc. has a one year low of $47.10 and a one year high of $78.65. The stock has a market cap of $5.94 billion, a P/E ratio of 26.93, a P/E/G ratio of 2.71 and a beta of 2.00. The stock has a 50-day moving average of $54.97 and a two-hundred day moving average of $54.07.

Etsy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ETSY shares. Raymond James lowered their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Bank of America reduced their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, Truist Financial dropped their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $62.42.

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.