Etsy (NASDAQ:ETSY) Price Target Cut to $58.00

Etsy (NASDAQ:ETSY) had its price target reduced by Wedbush from $65.00 to $58.00 in a report issued on Tuesday, Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock. Wedbush also issued estimates for Etsy’s Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.91 EPS, FY2024 earnings at $2.28 EPS, Q1 2025 earnings at $0.52 EPS, Q2 2025 earnings at $0.53 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $1.00 EPS, FY2025 earnings at $2.63 EPS and FY2026 earnings at $2.94 EPS.

Several other research analysts also recently issued reports on ETSY. Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Wells Fargo & Company cut their price target on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research report on Thursday, October 3rd. The Goldman Sachs Group cut shares of Etsy from a “neutral” rating to a “sell” rating and cut their price target for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Loop Capital cut their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $66.83.

Etsy Price Performance

Shares of ETSY opened at $48.63 on Tuesday. Etsy has a one year low of $48.07 and a one year high of $89.58. The company has a market cap of $5.69 billion, a P/E ratio of 22.21, a P/E/G ratio of 4.99 and a beta of 1.97. The firm has a 50 day simple moving average of $53.20 and a two-hundred day simple moving average of $58.90.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The firm had revenue of $647.80 million for the quarter, compared to analyst estimates of $629.87 million. During the same quarter in the prior year, the firm earned $0.83 earnings per share. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts expect that Etsy will post 2.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the transaction, the insider now owns 18,833 shares of the company’s stock, valued at $1,125,083.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the completion of the sale, the insider now owns 18,833 shares in the company, valued at $1,125,083.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,619 shares of company stock valued at $300,670 in the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. MCF Advisors LLC grew its stake in Etsy by 23,542.9% in the 1st quarter. MCF Advisors LLC now owns 3,310 shares of the specialty retailer’s stock valued at $227,000 after buying an additional 3,296 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Etsy during the 3rd quarter valued at $834,000. TD Asset Management Inc grew its position in shares of Etsy by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares in the last quarter. Diversified Trust Co grew its position in shares of Etsy by 11.5% during the 2nd quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock valued at $381,000 after purchasing an additional 668 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of Etsy by 12.6% during the 1st quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after purchasing an additional 16,458 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.