Clearline Capital LP Has $24.53 Million Stake in Etsy, Inc. (NASDAQ:ETSY)

Clearline Capital LP lifted its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 73.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 415,943 shares of the specialty retailer’s stock after acquiring an additional 175,522 shares during the period. Etsy accounts for about 0.7% of Clearline Capital LP’s portfolio, making the stock its 12th largest position. Clearline Capital LP owned approximately 0.36% of Etsy worth $24,532,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. boosted its position in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 536 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy during the second quarter valued at about $42,000. Headlands Technologies LLC purchased a new stake in shares of Etsy during the first quarter valued at approximately $59,000. Finally, GAMMA Investing LLC lifted its holdings in Etsy by 47.7% during the first quarter. GAMMA Investing LLC now owns 988 shares of the specialty retailer’s stock worth $68,000 after acquiring an additional 319 shares during the period. 99.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ETSY shares. Stifel Nicolaus reduced their price objective on Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Piper Sandler reissued a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Wells Fargo & Company reduced their price objective on shares of Etsy from $58.00 to $56.00 and set an “underweight” rating for the company in a research note on Tuesday, June 25th. Evercore ISI upgraded Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Finally, Oppenheimer lowered Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus price target of $70.61.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 2,000 shares of company stock worth $116,395. 2.60% of the stock is currently owned by corporate insiders.

Etsy Price Performance

Shares of ETSY opened at $57.14 on Friday. Etsy, Inc. has a 1-year low of $50.63 and a 1-year high of $89.58. The company has a market capitalization of $6.68 billion, a P/E ratio of 26.09, a P/E/G ratio of 5.39 and a beta of 1.97. The firm’s 50 day simple moving average is $55.85 and its 200 day simple moving average is $60.95.

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

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.