Loop Capital Cuts Etsy (NASDAQ:ETSY) Price Target to $40.00

Etsy (NASDAQ:ETSY) had its price objective cut by research analysts at Loop Capital from $45.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sell” rating on the specialty retailer’s stock. Loop Capital’s target price indicates a potential downside of 21.97% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Citigroup boosted their price objective on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Barclays dropped their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Truist Financial decreased their price target on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Morgan Stanley cut their target price on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a research report on Thursday. Finally, Bank of America lowered their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Performance

Shares of ETSY stock opened at $51.26 on Thursday. Etsy has a 52 week low of $47.10 and a 52 week high of $74.82. The stock has a market capitalization of $5.77 billion, a PE ratio of 21.63, a PEG ratio of 2.55 and a beta of 2.00. The stock’s fifty day moving average is $54.43 and its 200-day moving average is $53.78.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same quarter in the prior year, the firm earned $0.62 EPS. The company’s revenue was up 1.2% on a year-over-year basis. As a group, analysts forecast that Etsy will post 2.6 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has authorized a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding 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 usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Nicholas Daniel sold 1,500 shares of the business’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. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Blue Trust Inc. boosted its position in shares of Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares during the period. Lindbrook Capital LLC lifted its stake in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. True Wealth Design LLC boosted its position in Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 shares during the last quarter. Hurley Capital LLC bought a new position in shares of Etsy during the 4th quarter worth approximately $32,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Etsy in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.