Etsy, Inc. (NASDAQ:ETSY) Short Interest Up 6.3% in June

Etsy, Inc. (NASDAQ:ETSY) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 15,360,000 shares, a growth of 6.3% from the May 31st total of 14,450,000 shares. Based on an average trading volume of 3,280,000 shares, the days-to-cover ratio is presently 4.7 days. Currently, 13.3% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ETSY. Loop Capital cut shares of Etsy from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $70.00 to $50.00 in a report on Thursday, May 2nd. Morgan Stanley decreased their price target on shares of Etsy from $55.00 to $52.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Wells Fargo & Company decreased their price target on shares of Etsy from $58.00 to $56.00 and set an “underweight” rating for the company in a report on Tuesday, June 25th. Oppenheimer reduced their target price on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Canaccord Genuity Group reduced their target price on shares of Etsy from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $79.88.

Etsy Stock Performance

Shares of ETSY stock opened at $58.23 on Thursday. Etsy has a 52-week low of $56.60 and a 52-week high of $102.81. The stock has a market cap of $6.81 billion, a PE ratio of 26.59, a PEG ratio of 4.81 and a beta of 2.02. The firm’s 50 day moving average price is $62.37 and its two-hundred day moving average price is $68.76.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The business had revenue of $646.00 million during the quarter, compared to the consensus estimate of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. Etsy’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. As a group, sell-side analysts predict that Etsy will post 2.49 earnings per share for the current fiscal year.

Insider Transactions at Etsy

In other news, insider Toni Thompson Nadal sold 1,444 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $38,882.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Etsy by 98.3% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 21,145 shares of the specialty retailer’s stock worth $1,453,000 after purchasing an additional 10,480 shares in the last quarter. Cetera Advisors LLC bought a new position in shares of Etsy during the first quarter worth $207,000. PGGM Investments acquired a new stake in shares of Etsy during the first quarter worth $181,000. Finally, Swedbank AB acquired a new stake in shares of Etsy during the first quarter worth $931,000. 99.53% of the stock is owned by 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.