Etsy (NASDAQ:ETSY) Given New $47.00 Price Target at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price lowered by Wells Fargo & Company from $58.00 to $47.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price target points to a potential downside of 7.61% from the stock’s current price.

Several other equities analysts have also weighed in on ETSY. Wolfe Research assumed coverage on Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Loop Capital cut their target price on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Finally, Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $70.22.

Etsy Price Performance

ETSY stock traded down $0.97 on Thursday, hitting $50.87. 1,150,186 shares of the company were exchanged, compared to its average volume of 3,776,569. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a twelve month low of $50.54 and a twelve month high of $89.58. The business’s fifty day moving average is $55.38 and its two-hundred day moving average is $60.64.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. 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 previous year, the company earned $0.83 earnings per share. The company’s quarterly revenue was up 3.0% on a year-over-year basis. Equities research analysts expect that Etsy will post 2.38 earnings per share for the current year.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 2,000 shares of company stock valued at $116,395. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Etsy by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock valued at $929,695,000 after acquiring an additional 91,900 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after purchasing an additional 721,454 shares during the period. Renaissance Technologies LLC increased its stake in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Bares Capital Management Inc. raised its holdings in shares of Etsy by 0.9% during the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock worth $330,711,000 after purchasing an additional 36,623 shares during the period. Finally, Pacer Advisors Inc. lifted its position in shares of Etsy by 52.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after buying an additional 721,453 shares during the last quarter. 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.